Gilt Groupe is trying to sell its travel sale site, Jetsetter, the Wall Street Journal reports.
The original asking price was "around $100 million," according ot the Journal. It has been whittled down to $50 million due to a lack of initial interest.
Earlier this year, Gilt shuttered its full-price fashion site for men, Park & Bond, and downsized its food site, Gilt Taste. It has also made a number of staffing cuts this year in an attempt to keep costs down and get IPO-ready.
Last year Gilt raised $138 million at a $1 billion valuation, and Gilt's in a hurry to get profitable. It had planned to IPO earlier this year, but those plans have been delayed until 2013.
Jetsetter was founded in 2009 and offered discounted vacation packages to shoppers, but it didn't operate as cheaply as some of its competitors. In May, its CEO Drew Patterson departed.
We've reached out to Gilt for comment.
Disclosure: Kevin Ryan, Gilt Groupe's CEO, is Chairman and co-founder of Business Insider.
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