JackThreads Looks for Buyer, Lays Off Staff
JackThreads, the online men’s retailer that was once part of the digital media company Thrillist, has been in talks to sell the company after its most recent reincarnation failed, according to multiple sources. The e-commerce site got its start as a flash-sale site, selling men’s streetwear at heavy discounts in limited quantities. But last year it doubled down on selling its own brand of men’s clothing at full prices.
Total Retail's Take: Unlike our other news items today, JackThreads is an online retailer that's going belly up. The company's last-ditch effort, TryOuts, which allowed customers to order as many products as they wanted without paying up front, and later pay for the ones they kept and sent back the ones they didn’t, didn't pan out as it hoped. Shipping was free for customers in both directions, proving a major cost to JackThreads. The company was very unprofitable by last year, and was projecting only around $30 million in revenue for the year.