Gear.com, an online retailer of discounted closeout sporting goods, said that its president, Ken Blue, has resigned, Venturewire reported today. Kevin Quigley, vice president of marketing and strategic development, is acting as the company's co-president along with the company's CFO Joe Kenny. Mr Blue also resigned his seat on Gear.com's board. The company also said it had laid off 22 employees in a restructuring aimed at conserving cash. Amazon.com owns about half of Gear.com. The company is also backed by Elliott Associates, Kellett Investment, Madrona Venture Group, Sugar Mountain Capital, and Westgate International, and is planning its third round of funding.