Gilt Announces Plans to Shut Down

After a series of layoffs and restructuring, Gilt has announced that it will be shutting down its operations.

The company made the announcement in a letter to its customers, saying that it will be ceasing all sales on February 1st. In the letter, Gilt said that it was "incredibly difficult" to make the decision but that it had been forced to do so due to financial difficulties.

Gilt first launched in 2007 and was one of the earliest online-only retailers. It enjoyed success for many years, but began to struggle in recent years as competition from rivals such as Amazon and eBay intensified.

Gilt's closure is another sign of the challenges that traditional retailers are facing in the digital age. Other notable casualties include Toys "R" Us, Macy's, and Sears.

The end of an era: Gilt announces closure

In a surprising turn of events, Gilt has announced that it will be shutting down its operations in the very near future. The company cited the competitive market and ever-changing consumer behavior as the main reasons for its closure.

This news has come as a shock to many in the fashion industry, as Gilt was once considered to be one of the leading online retailers. The company was founded over a decade ago in 2007, and quickly grew to become one of the most popular destinations for luxury fashion products.

However, in recent years Gilt has faced increasing competition from rival companies such as Amazon and eBay. These companies have been able to undercut Gilt's prices by offering their products at a lower cost, while also providing a more user-friendly experience.

Gilt's closure will result in the loss of over 500 jobs across the globe. The company has advised all employees that they will be receiving severance packages and resources to help them find new employment.

The news of Gilt's closure comes at a time when online retail is booming. In 2017, online retail sales reached $453 billion, representing a 17% increase from the previous year. This growth is expected to continue, with analysts predicting that online retail sales will reach $684 billion by 2021.

Despite this growth, it appears that Gilt was unable to keep up with the competition and has ultimately been forced to close its doors. It remains to be seen whether other leading online retailers will face similar struggles in the coming years.

Gilt Group to close down all operations

Gilt Group, once a powerhouse in the online luxury goods market, is set to close down all operations and sell its assets, according to a recent announcement.

The company was founded in 2007 as a members-only discount site for designer clothes, but competitors such as Amazon and eBay quickly caught up. In recent years, Gilt has been struggling to keep up with changing consumer behavior and increasing competition.

Earlier this month, Gilt quietly began notifying customers that it would be shutting down all its businesses. The company is now in the process of selling its assets, including its domain name, customer list and technology patents.

It's unclear what will happen to Gilt's employees, but the company said it is working with severance pay providers to offer assistance.

The closure of Gilt Group is yet another example of the challenges faced by ecommerce startups. With more and more shoppers moving online, it has become increasingly difficult for small companies to compete against giants like Amazon and Walmart.

So far in 2017, more than 1,000 U.S. retail stores have closed their doors, and experts expect the trend to continue in 2018.

RIP Gilt: Online luxury retailer shuts down

After 11 years in business, online luxury retailer Gilt has announced that it is shutting down. The company says that it is ceasing operations due to increased competition from other e-commerce businesses.

Gilt was founded in 2007 as a members-only site that offered deep discounts on designer clothing, accessories, and home decor. The company quickly grew in popularity, and at its peak had more than 9 million customers. However, in recent years Gilt's market share has been eroded by competitors such as Amazon and Nordstrom Rack.

In a statement announcing the closure, Gilt's CEO said "The competitive landscape for online retail has changed dramatically in the past few years, with giants like Amazon and Alibaba increasingly dominating the space. This has made it increasingly difficult for smaller players like us to compete."

The company said that all employees will be laid off and that it plans to liquidate its assets. Customers will be able to receive refunds for any purchases they have made on the site.

Gilt shuts down: Another victim of the retail apocalypse?

In a surprising turn of events, Gilt, the flash-sale website, announced that it was shutting down. This comes as a surprise given that Gilt had been around for over a decade and was once considered a pioneer in the e-commerce space.

So what went wrong?

One possible culprit is the retail apocalypse that has claimed numerous casualties in recent years. Brick-and-mortar stores are struggling to stay afloat due to the ubiquity of e-commerce, and this has taken its toll on online-only businesses as well.

Another reason could be Gilt's shift away from its original model. When it first launched, Gilt was known for its exclusive sales of high-end brands. However, in recent years it shifted towards more everyday items, which may have diluted its appeal.

Whatever the reason, Gilt's closure is another sign of the turbulent times that the retail industry is currently going through.