Termsheet pulled amid pandemic, Sorabel says timing proved to be its undoing

Termsheet pulled amid pandemic, Sorabel says timing proved to be its undoing

Photo by Masaaki Komori on Unsplash

Days away from officially shutting down its operations, Indonesian fashion e-commerce firm Sorabel (formerly Sales Stock) is in active discussions with “multiple parties” to sell parts of the business, including its brand, confirmed Jeffrey Yuwono, and Kevin Widlansky, the startup’s former CEO and CFO, respectively.

COVID-19 took a toll on Sorabel’s business, causing a 50 per cent drop in sales in the first two quarters of the year. The firm also saw potential investors pull a Series C term sheet at the last minute, slashing its operational runway, they said in an interview.

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