Amsterdam-based The Next Closet, a peer-to-peer marketplace for secondhand designer clothes and accessories has been declared bankrupt by the Amsterdam court.
It is still being determined why bankruptcy was filed by the company.
The resale market in the fashion industry is currently very competitive, so profit margins have become very thin. That is the main reason for the insolvency, says the insolvency administrator in a statement to FashionUnited.
Despite reaching out to CEO Quirine Naaijen, Silicon Canals has yet to receive a response at the time of writing this article.
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