San Francisco
E-commerce platform Zulily, once valued at $7 billion, is reportedly laying off hundreds of employees in the US and shutting down operations, according to media reports and state filings. Zulily is set to lay off 292 workers in Seattle and other locations in Washington, effective from February 7, as per a notification from the state Employment Security Department. The company is also closing its Pioneer Square headquarters and several other facilities in different states, leading to additional layoffs, particularly with the shutting down of warehouses in Nevada and Ohio, according to notices from both states. These job cuts follow earlier rounds of layoffs at Zulily, as well as the resignation of its CEO Terry Boyle in October. Launched in 2010 by Mark Vadon and Darrell Cavens, former executives with online jewellery retailer Bluse Nile, Zulily gained traction quickly, going public in 2013 with a market value of $7 billion on annual sales of $1 billion by 2014. In 2015, Zulily was purchased by Liberty Interactive-QVC, later renamed Qurate, for a reported $2.4 billion. In May this year, Qurate sold the company to Los Angeles private equity firm Regent.
