Lot18 Let 10 People Go This Morning And Cofounder Kevin Fortuna Is No Longer Day To Day At The Startup*

kevin fortunaKevin Fortuna is no longer active on a day to day basis at the company he cofounded, Lot18.

Lot18 is making more cuts.This morning, 10* employees were let go from the flash sale wine site, according to a source within the company.

A VP of Strategy was let go, the company source confirms, but no other executives were fired.

The layoffs follow a number of other efforts Lot18 has made to trim down recently.

At least seven employees volunteered to resign after being told they could receive one month’s pay for doing so. In addition, four executives, including the CMO, have departed in the past month.

Lot18 recently shuttered two of its verticals, Gourmet and Experiences.

The reorganization, as the company source called it, is an effort to refocus the company on wine sales exclusively.  “We all joined this company to fix the wine industry and everyone is looking forward to getting back to that,” says the source.

The source also says not to expect any more mass layoffs at Lot18 for a while.

While investigating the layoffs, we also learned that cofounder Kevin Fortuna is no longer involved on a day to day basis at Lot18. The transition happened a few months ago, and the former CEO of Lot18 now resides on the company’s board.

Fortuna is preoccupied with a few other startups though, including Popdust, which just announced a $4.5 million round of financing.

Lot18 was founded in 2010; it has raised $44.5 million to date.

*An outside source originally told us an inaccurate number of 11 people.

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

lot18 sai-us