Ready2Shop goes into hibernation as staff numbers are cut
Fashion website Ready2Shop.com has cut 14 more jobs and is putting the site into “hibernation” until it can find more funding.
LONDON (Brand Republic) - Fashion website Ready2Shop.com has cut 14 more jobs and is putting the site into “hibernation” until it can find more funding.
The site is the latest victim of the downturn in investor confidence facing dotcoms. The cutbacks should allow the company to stay afloat until next year, when the market position should have improved, according to co-founder Trinny Woodall.
Ready2shop.com raised £5m in September last year, but efforts since the summer to raise more cash have been unsuccessful. The latest redundancies bring the number of staff laid off to 28. It laid off another 14 of its 32 staff in the summer and is now operating with a skeleton staff.
The company was set up by Woodall and her partner Susannah Constantine, both Daily Telegraph fashion writers, with a high-profile advertising campaign.
There is no advertising on the site, with the only revenue coming from a sponsorship deal with Cable & Wireless. The company has also planned to sell information it had gathered about its customers’ likes and dislikes to other fashion and cosmetic companies.
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