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One Kings Lane Drops Price of Company In Desperate Attempt to Sell

Photo: One Kings Lane/Facebook

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One Kings Lane, the high-end furniture retailer that at one point was valued for $900 million, is looking to sell at just a fraction of that, Re/code reports. The online retailer was reportedly determined to sell by the end of 2015 and even agreed to take less than the $230 million it raised in venture capital. That figure has now fallen all the way to $150 million in what one source calls a "fire sale." The site that was known for flash sales is conducting one with its own company.

One Kings Lane has not found a buyer yet, but has been conducting a search for one for months. Re/code reports that because the sale price has fallen so precipitously investors are likely to lose money and employee stock will be worth nothing when a sale inevitably goes through.

Most recently, One Kings Lane shuttered one of its three offices and laid off a fourth of its employees — a move that was probably done to grease the wheels on a deal, Re/code says.