Zulily has place its corporate headquarters on the rental current market as the Seattle-primarily based on-line retailer sheds staff members and moves its enterprise model absent from consumable products.
All 6 flooring of the company’s Elliott Avenue place of work have been listed as out there for lease starting following yr, indicating the e-commerce system ideas to exit its longtime base in Belltown. It is unclear no matter if the business programs to lessen its offices or relocate solely.
Zulily did not reply to many requests for comment. Nor did Regent, the Los Angeles-based private fairness company that acquired the system in May possibly.
The rental listing was posted that similar thirty day period, according to a report from the Everyday Journal of Commerce.
Shorenstein Properties, the assets proprietor, obtained the century-old waterfront intricate two a long time ago for almost $185 million, in accordance to the Daily Journal.
About the 2022 fiscal year, profits for Zulily fell 38%, according to earnings info from Qurate Retail, which owned the e-commerce platform at the time. Qurate, whose other assets include the Property Browsing Community, mentioned the shortfall was “largely driven by decreased traffic to the web page.”
Earnings fell a further 17% in the initial quarter of 2023, earnings facts displays.
Qurate flipped the web page to Regent in May perhaps, paying off $80 million of Zulily’s credit card debt. Regent pledged to enable the site “return to its entrepreneurial roots as an unbiased enterprise,” according to comments manufactured by Michael Reinstein, the financial investment firm’s chairman.
In June, Zulily entered a new round of layoffs, according to a GeekWire report — the third round of task cuts in the span of two decades. The company did not disclose the selection of cuts.
The on the internet retailer employs about 600 people today in the Seattle region, in accordance to LinkedIn. In May well, GeekWire reported that number to be all over 750.
In an exertion to streamline its retail products and services, Zulily designed the conclusion to give up supplying consumable goods on its platform July 3, according to a Wednesday report by the Puget Seem Business enterprise Journal.
A corporate spokesperson told the Company Journal that “the selection to exit the consumables business” came after Zulily was acquired by Regent, as section of an examination of the company’s different business lines.
“It was the most the latest company added to the Zulily portfolio and turned out to have significantly distinct economics and customer curiosity than our core organization,” the spokesperson mentioned.
Several consumable products and solutions, including groceries and cosmetics, are even now obtainable on Zulily. It is unclear what items will be taken off from the platform, and when.