Citing a challenging business environment, online retailer Zulily is closing its doors.
The company announced its liquidation process on its website Wednesday (Dec. 27), informing customers that it hopes to fill all ending orders in the weeks ahead.
This decision was not easy nor was it entered into lightly, the company announcement said. However, given the challenging business environment in which Zulily operated, and the corresponding financial instability, Zulily decided to take immediate and swift action.
The company is not declaring bankruptcy, but is instead using a process to unwind its business called an Assignment for the Benefit of Creditors (ABC). Zulily has transferred its assets and business in trust to Zulily ABC, LLC, a sy…
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