Style Passport, the online fashion retailer set up by former Marie Claire fashion editor Sarah Walter, has been placed into voluntary liquidation.
The business, which has appointed insolvency firm Marsh Hammond & Partners, hit the wall after an investment round collapsed at the last minute.
Style Passport said it is doing everything in its power to ensure that no suppliers are left “materially out of pocket” following the liquidation.
The company said it will fulfill all existing customer orders.
In a statement on its website, Style Passport thanked its customers, shareholders, agencies and suppliers.
It added: “Style Passport has been alive for a fraction under two years and in that time has grown its sales, customers and brands in this most difficult economic environment.
“The passionate and talented team has worked hard because they all believed in this brand and its huge potential. We have survived a flood in our headquarters and the wettest summer in 100 years and still we have grown.
“But unfortunately, it has not been enough. This has been an amazing journey but sadly the destination has not been what we all believed it would be.”
The company last year received £250,000 from the Government’s Business Angel Co-Investment Fund.