Zulily Shutting Down Offices In Seattle

In a significant and unexpected move, Zulily Shutting Down Offices In Seattle. Zulily, the once-thriving online retailer, has announced the closure of offices and a substantial layoff of 292 employees in Seattle

Zulily is undergoing a significant downfall. Recent internal communications obtained and a filing with the state of Washington reveal that the Zulily Shutting Down Offices In Seattle including its headquarters.

Office Closures and Layoffs Unveiled

Zulily plans to close its Seattle headquarters along with warehouses in McCarran, Nev., and Lockbourne, Ohio, by February of next year. The closure will result in the layoff of 292 employees in Seattle, according to information from the Washington state Worker Adjustment and Retraining Notification (WARN) system.

Troubled Times Following Acquisition

After being acquired by Los Angeles-based private equity firm Regent in May from QVC parent Qurate, Zulily faced challenges, including two rounds of layoffs this year. The company also downsized its headquarters building in Seattle post-acquisition.

Legal Challenges and Unpaid Invoices

A website reported on two lawsuits filed against Zulily by a logistics company and a software development consultancy, both claiming unpaid invoices. Additionally, vendors who sold products to Zulily reported payment issues after the Regent acquisition.

Former CEO’s Departure and Company Background

Former CEO Terry Boyle announced his decision to leave the company in October. Founded in 2010 by former Blue Nile executives Darrell Cavens and Mark Vadon, Zulily gained fame by offering daily deals on products for moms and kids. It went public in 2013 with a remarkable IPO valuing the company at around $4.5 billion.

Heading: Financial Struggles and Acquisition by Regent

Zulily reported a 17% drop in revenue during the first quarter of this year, amounting to $192 million, with a $43 million operating loss. Regent acquired Zulily in 2015 for $2.4 billion, aiming to grow its business in new markets.

Uncertain Future for Zulily

Zulily’s recent challenges raise questions about its future. With the closure of offices and layoffs, the company’s once-thriving presence in the tech industry faces uncertainty. Stay tuned for further updates on this developing story.

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