Zulily, a Seattle-based online retailer, is set to “wind down” its business and liquidate its assets after a 13-year run. The company, once an e-commerce star with a multibillion-dollar IPO in 2013, struggled to sustain its growth in the face of fierce competition from platforms like Amazon. Zulily has blamed Amazon for its decline, accusing the tech giant of using anti-competitive tactics to stifle its business. The company has entered into an Assignment for the Benefit of Creditors (ABC), a cheaper and more streamlined alternative to bankruptcy, with Douglas Wilson Cos. overseeing the liquidation.
Seattle’s Zulily will ‘wind down’ its business and liquidate its assets
