From fortune:



Zulily, an online retailer, is shutting down and laying off hundreds of workers after failing to save the business. The Seattle-based company has stated that it will try to fulfill all pending orders and manage that within two weeks, while also offering refunds for orders that cannot be fulfilled. The decision to close down was made due to the challenging business environment and financial instability.

Founded in 2010, Zulily gained popularity for its products aimed at families with young children. After being acquired by Qurate in 2015, the company faced financial troubles, leading to its CEO leaving and multiple rounds of layoffs. Instead of declaring bankruptcy, Zulily is using an alternative for winding down the business, known as an Assignment for the Benefit of Creditors, in which all assets and business will be transferred to Zulily ABC, LLC, to pay creditors out of proceeds from selling them. The closure of Zulily marks the end of its struggle to compete with Amazon.



Read more: Zulily announces shutdown months after CEO left, citing ‘financial instability’