British Luxury Electricity Supplier My-Wardrobe Is Hard To Escape Bankruptcy

My-wardrobe, a luxury business in the UK, seems to be unable to escape bankruptcy. The company will be bankrupt within 3 months, sources said.

Since last month, the site has been cleared by forty percent off, and Thanksgiving has fallen to the website at half price.

Beginning in 2013, My-wardrobe news continued, along with the collective departure of the founder Sarah Curran team, including the pursuit of the third round of financing and listing rumors are considered the company's release of smoke bombs, in fact, the company was bankrupt in 2013.

However, the private equity fund Growth Capital Acquisitions eventually acquired My-wardrobe parent company Meemi Limited, making the e-commerce company exempt from bankruptcy in 2013.

After the acquisition of My-wardrobe by Growth Capital Acquisitions, Andrew Curran, the co-founder of My-wardrobe quit in 2010, returned to My-wardrobe as chief operating officer, and is ready to lead the electricity supplier out of trouble.

In 2011, David Worby, the chief executive officer of Harrods Harold, My-wardrobe, a senior department store retailer, and Joanna Stephenson, chief executive officer, announced the immediate withdrawal from the company.

After Andrew Curran returned to the interview, he said that the My-wardrobe positioning was too high. He would re adjust the product structure so that My-wardrobe positioning would be more competitive between the ASOS, PLC (ASC.L) and the luxury electronics giant Net-a-Porter.

In addition, the focus of My-wardrobe's development will also shrink from international expansion to the United Kingdom. Andrew Curran pointed out: "the growth potential of the UK is huge enough. I don't understand why we focus on Asia."

However, the return of Andrew Curran was only one quarter, and he left the company again in March 2014.

In 2006, Sarah Curran, a former editor, and her ex husband Andrew Curran developed from a boutique in North London.

In 2010, the website received an investment of nearly 6 million pounds from the European Vc firm Balderton Capital. In 2011, it was injected with a 2 million 300 thousand pound fund.

According to reports, in the year ended June 2011, the My-wardrobe of about 900 thousand times a month has been achieved through international expansion.

13 million pounds, an increase of 75% over the same period last year.

Nevertheless, My-wardrobe still recorded a net loss of 3 million 800 thousand.

After that, the website hopes to seek a third round of financing, raising 3 million pounds to accelerate the pace of international expansion, and some will also be used to pay operating costs and fill losses.

But continuous

Ineffective and increasingly accumulated losses worsened the financial crisis of My-wardrobe in October 2013, when the electricity supplier merged its two offices in London and Nottingham, leaving only the procurement and sales teams to deal with the necessary business in Nottingham.

My-wardrobe also has offices in New York, Sydney, Dubai and Oslo.

Before My-wardrobe was on the verge of bankruptcy, another fashion business LN-CC in London, England, was also bankrupt due to the cash flow problem. However, it was bought by Level Group of Italy e-commerce service group to avoid bankruptcy. LN-CC founder and creative director John Skelton will continue to serve as creative director.