Luxlook.com, an upscale online retailer, will stop serving 12 European countries today and will shut down in the United States and the United Kingdom on June 1.
The total number of layoffs associated with the announcement was not disclosed. However, the company will lay off at least 70 employees as it closes its New York office during the next two weeks.
The retailer will accept U.S. and UK orders until May 31, but they will be nonrefundable and nonreturnable. After that date, GATX Logistics, Hebron, KY, will stop fulfilling orders for Luxlook.com.
The New York and Milan, Italy-based retailer specialized in fashion lines such as Versace, Moschino and Vivienne Westwood.
“They didn't see the sales growth they expected,” said Aricka Westbrooks, spokeswoman for Luxlook, explaining the firm's downfall. “The other reason lies in the currently poor venture capital market.”