Online retailer Zulily has abruptly announced that it will shutter after struggling to compete with Amazon and other financial struggles in recent years. The retailer had suffered pretty bad after being acquired by an investment firm.
Zulily has gone under following financial struggles that first emerged after a number of investment firms bought the company only for it to change hands a few times. According to its website, a notice has been posted confirming its operations will cease.
“This decision was not easy nor was it entered into lightly. However, given the challenging business environment in which Zulily operated, and the corresponding financial instability, Zulily decided to take immediate and swift action,” said the notice, signed by Ryan C. Baker of Douglas Wilson Companies.