Hudson's Bay Company--the owner of Saks Fifth Avenue--is nearing a deal to buy luxury flash-sales site Gilt Groupe for $250 million, reports The Wall Street Journal.

Gilt has raised a total of $300 million since launching in 2007, including a massive $138 million funding round in 2011 that reportedly valued it near $1 billion.

Most recently, it raised $50 million in February, likely in a down-round at a lesser valuation.  

For a long time, Gilt seemed on the brink of an IPO, but it struggled to reach profitability and started scaling back, closing, or selling parts of its business and laying off employees. 

Earlier this year, flash-sales site Zulily sold to QVC for $2.4 billion, lower than its value after its IPO, and other flash sales sites have largely failed to maintain growth. 

If the Gilt deal goes through, it will be sucked into HBC's Saks Off 5th brands, the WSJ reports. 

Overall, it's been a tough year for tech startups, with investors slashing valuations, VCs yelling 'bubble,' and quite a few complete shut-downs.

Gilt declined comment on this story.

This story first appeared on Business Insider