When Gilt Groupe started back in 2007, it was a brilliant idea. Thanks to the plunging economy, retailers couldn't get rid of their merchandise fast enough, and no one was willing to buy anything for less than a killer bargain. The environment was ideal for an e-commerce site to gather up the surplus items and package them in a recession-friendly way. In those days, those of us who still had an income (and even those who didn't) would pore over the Gilt Groupe e-mail that we'd receive daily at 11:45 a.m., counting down the minutes and Gchatting about what we were hoping to buy when the sales went live at noon.
Via: Gilt CEO Kevin Ryan Steps Down Ahead of IPO
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