When venture capitalist Keith Rabois got into e-commerce, he couldn't stop buying brands. Now, everything must go.

OpenStore, co-founded by Rabois in 2021, is shutting down nearly all of the 40-plus Shopify stores it acquired, and it's in the process of liquidating any remaining inventory by offering steep discounts to move merchandise.

Earlier this week, the company announced it plans to focus solely on growing Jack Archer, the menswear brand it bought for $837,000 in 2022. The website address open.store now redirects to jackarcher.com.

The dramatic downsizing to a single brand comes as OpenStore in recent weeks raised a $15 million funding round that valued the company at just $50 million, a fraction of its previous $1 billion valuation, CNBC has confirmed. Bloomber

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