One Kings Lane, the home furnishings retailer once valued at more than $800 million, was bought earlier this year by Bed Bath & Beyond for just $11.78 million, according to Fortune.
The deal was originally announced in June, but no purchase price was disclosed, although it was believed to be around $30 million at the time.
The sale is a precarious fall for One Kings Lane and helps to illustrate the tenuous nature of online startups. One Kings Lane was founded in 2009 by Ali Pincus and Susan Feldman and rose to prominence on its limited-time flash sales of upscale furniture and home décor items at heavily discounted prices. The company was valued at more than $800 million in 2014 after it raised some $200 million in funding from investors.
Bed Bath & Beyond has a value of about $7.6 billion.