Hudson’s Bay is trying to clean up their books and have agreed to sell off Gilt, their underperforming flash sale e-commerce company. The Bay purchased Gilt two years ago, and according to Bloomberg, it has become one of the Bay’s worst-performing businesses.
Retailer Rue La La announced on Monday that it will acquire the fledgeling website and run the two websites separately and hire 150 new people to do so.
This is the first major move by Hudson’s Bay new Chief Executive Officer Helena Foulkes who has been tasked with turning around The Bay’s fortunes.
Hudson’s Bay failed to revive Gilt after it agreed to buy Gilt for US$250 Million back in 2016. Rue La La did not comment on the purchasing price.
Source: Bloomberg