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One Kings Lane sold for less than $30 million after being valued at $900 million

One Kings Lane, an online home-furnishings retailer, fetched less than $30 million in its recent sale to Bed Bath & Beyond, according to three people familiar with the deal. The purchase price marks a massive discount from a valuation of $900 million that the startup had secured when it raised more than $100 million from investors in early 2014.

The disappointing sale, which was announced in June without a purchase price, does not come as a total surprise to those who had followed the once-hot startup in recent years. Recode had reported in January that the shopping site had been searching unsuccessfully for a buyer, in the wake o fmultiple rounds of layoffs and a business that had been deteriorating for some time.

Recode (23 Aug)