QVC parent company Qurate sold its struggling sector, Zulily to L.A.-based firm Regent. It is undisclosed how much the retailer sold for. West Chester-based Qurate is working with Project Athens to expand into the video streaming arena, writes Jeff Blumenthal for the Philadelphia Business Journal.
“We are in in the midst of a turnaround at Qurate Retail,” President and CEO David Rawlinson said.
“This divestiture will allow our management team to better focus on our core video commerce assets, QVC and HSN, and the Cornerstone Brands, while preserving liquidity to further strengthen our balance sheet.”
Zulily was founded in 2009 and sells clothing, infant gear, and home products. It had a $43 million operating loss in the last quarter of 2022. Qurate lost $2.59 billion total for the year of 2022.
Read more about the West Chester parent company in the Philadelphia Business Journal.
More about Zulily.