Gilt Groupe, the popular high-end flash-sale retailer, has lost two of its top executives to new opportunities in addition to cutting 10% of its workforce, according to a report by the Internet Retailer.
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John Auerbach, president of Gilt’s Park & Bond division, and Nathan Richardson, president of Gilt City, are said to be “transitioning on to other opportunities outside the company,” according to a Gilt spokeswoman.
In addition to the loss of Auerbach and Richardson, Gilt plans to drop approximately 90 employees in its Gilt City and Gilt Taste divisions.
“By realigning costs at our younger businesses, we are giving them time to succeed,” she added.
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