Bidz.com plans to liquidate

The company had closed web sales on June 12
Bidz.com plans to liquidate

Bidz.com announced closing operations and planning to liquidate, reports say. The website of this leading jewellery e-tailer closed all web sales on June 12, although the website has been existing on the internet, but with a ‘temporarily under construction’ notification appearing, for some days thereafter, reports add.

Last month on 26th a motion was filed by the company’s five vendors, wanting the company to go into a Chapter 7 filing, reports add. The motion was filed at the Los Angeles federal court. Also, reports state that according to Insolvency Services Group, a company controlling Bidz.com’s assets as of now, the latter owes $19 million to a lender and $8.4 million in unsecured trade and expense debts.


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