The leading online jewellery auction portal Bidz.com has plans to liquidate, said reports. Sales were closed on 12 June 2014. The website’s front page says it “is temporarily under construction” at press time.
According to the reports, five vendors filed a motion at the Los Angeles federal court on 26 June wanting Bidz.com Inc to go into a Chapter 7 filing. Insolvency Services Group, which currently controls Bidz.com’s assets, said the e-tailer owes US$19 million to a lender and US$8.4 million in unsecured trade and expense debts.
Launched in 1998, Bidz.com had an annual sale of over US$100 million. It began trading on NASDAQ. Sales declined after the financial crisis, recording annual losses in 2011. In September 2012 it was sold to Glendon Group Inc and went private.
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