After months of trying to stay afloat, Singapore-based B2B fashion tech startup Zilingo is about to file for bankruptcy. The company’s board of directors has named EY as a provisional liquidator, according to Bloomberg.
Major shareholders and creditors have been informed of the liquidation by the board of directors of Zilingo. Following the finding of a bidder for part of Zilingo’s assets by creditors Varde Partners and Indies Capital Partners, the company has filed for liquidation. The assets were given to the new owner for an undisclosed fee, according to the publications’ sources. Zilingo once asserted that it operated in at least eight nations and employed hundreds of individuals throughout Southeast Asia and India. After a significant contraction during the crisis, Zilingo reportedly employs less than 100 workers throughout India, Indonesia, Sri Lanka, and Bangladesh.