Online retailer Zulily to shut down, liquidate assets
Dec. 27 (UPI) -- The online retail outlet Zulily announced Wednesday it will liquidate its assets and shut down.
In a post on its website , Zulily said it had "made the difficult but necessary decision to conduct an orderly wind-down of the business to maximize value for the company's creditors."
"Given the challenging business environment in which Zulily operated, and the corresponding financial instability, Zulily decided to take immediate and swift action," the company said.
In October, Zulily CEO Terry Boyle stepped down from his position and the company announced a series of layoffs throughout the year.
While the company is not entering bankruptcy, it has entered into an arrangement with its creditors to try sell off its assets.
On Friday, Zulily entered into an Assignment for the Benefit of Creditors, a process that allows a company to transfer assets to a trust or third party to help pay off creditors.
The company says it will try to fulfill all its pending orders and that it will try to provide refunds for orders that cannot be fulfilled by Jan. 22.
The company was founded in 2010 primarily as an outlet for children's and women's clothes but struggled to match other online retail competitors like Amazon.
