JackThreads launches 70% off 'Farewell Sale'
JackThreads bids farewell this week with the launch of a 'Farewell Sale' with products at 70% off. The sale follows massive layoffs at the company and reports of a sale.
The online retailer’s branded products are available on its website for prices as low as $3.89. The Franklin turtleneck, for example, originally retailed for $39 and is now as low as $7.49. The Crosby Mac coat has a similar discount, being sold for $23.99 after retailing for $119.
“It's been a wild ride and we can't thank you enough for being a part of it,” said the retailer on its website. “We'll close our (digital) doors this Friday. Until then, enjoy our biggest sitewide sale ever.”
Just a few months prior to launching the 70% off sale, JackThreads let go of majority of its staff and put itself up for sale. The retailer also laid off its customer service team, which led to many dissatisfied customers who voiced their anger on social media.
Founded by Jason Ross in 2008, JackThreads sold menswear brands such as Fred Perry and Wood Wood, as well as in-house label. Thrillest Media Group acquired the retailer in 2010, but the two separated in 2015 after securing a combined $54 million in funding.
JackThreads failed to stay ahead following the split, even after launching a TryOuts feature that, like Trunk Club and Five Four, allowed customers to try out products before purchasing. The retailer did not place a limit on how many pieces could be pulled.
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