Singapore-based luxury goods marketplace Reebonz has appointed a provisional liquidator to wind up the company, The Business Times reported on Friday.
Reebonz’s director Samuel Lim said that the company “cannot by reason of its liabilities continue its business”, according to a notice placed by the company in the publication. Another notice revealed that Tee Wey Lih of Acres Advisory has been appointed as the provisional liquidator on September 3 for the winding up of the company.
The company’s website says that it is undergoing maintenance from September 4 onwards, and all orders prior to that will be fulfilled. “We will not be accepting new orders. We will keep you updated on what’s brewing very soon,” the website said.
This move follows a slew of complaints from buyers and sellers online, saying they had not received payments from Reebonz for a few months, although the agreed payout period is 20 business days.
According to complaints lodged with the Consumers Association of Singapore, Reebonz reportedly owed more than S$30,000 ($22,411) to 11 sellers on its platform as of August 26.
Last month, DealStreetAsia reported that that co-founder and chief branding officer, Daniel Lim, had left the firm. CFO Nupur Sadiwala and CTO Torres Oey had also quit the firm in 2020.
Founded in 2009, the firm was one of Southeast Asia’s marketplace pioneers, running an online platform for buying and selling a wide range of luxury items. In its heyday, it was valued at as much as $300 million in 2015, making it the region’s most valuable luxury e-commerce startup. Some of its previous investors include Vertex Ventures, GGV Capital, Intel, and MediaCorp.
Reebonz was previously listed on the Nasdaq for a brief 17 months between 2018 and 2020, before being forced to delist from the US bourse in June 2020 after failing to meet its minimum share price requirement of $1 for more than 30 days.
The firm had entered the public market via a reverse takeover, more popularly known as a special purpose acquisition company (SPAC) today. It merged with Draper Oakwood Technology Acquisition (DOTA), a Nasdaq-listed entity sponsored by London investment firm Draper Oakwood.