Dubai-based online marketplace for mothers and children, Sprii, has hired Guy Wall of Grant Thornton as the companys liquidator after its dual quest of raising additional funding and selling the business, went south.
A board resolution passed on December 6 has formally placed the company into liquidation.
I have been advised that the liquidator is currently undertaking an urgent financial assessment of the business to determine its ability to enter into an accelerated sale campaign. In the interim, all ongoing trading of the business will cease until this assessment is completed, read a letter by founder and CEO Sarah Jones.
If a sale of the business is not possible, I will be working hard to rehouse all of our team, she added.
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Read the full article at: https://gulfbusiness.com/dubai-e-commerce-platform-sprii-goes-into-liquidation-after-failing-to-raise-more-capital/