Zulily to Shut Down and Liquidate Assets Amid 'Challenging Business Environment'

The online retailer's closure follows a series of layoffs and ownership changes, marking a steep fall from its peak valuation of $9 billion.

Zulily, the Seattle-based online retailer once valued at nearly $9 billion, has announced it will shut down and liquidate its assets due to a 'challenging business environment'.
The company's liquidation follows several rounds of layoffs and the departure of CEO Terry Boyle in October.
Zulily is not declaring bankruptcy but is instead using a process known as an Assignment for the Benefit of Creditors (ABC) to pay off its creditors by selling its assets.
The company has said it will try to fulfill all pending orders or provide refunds by January 22, 2024.
Zulily's closure comes after a series of ownership changes and a failed attempt to revive the company's fortunes by private equity firm Regent, which acquired Zulily from Qurate Retail Group in May.