Online furniture store Living.com, that had been backed by Amazon.com Inc., on Tuesday, filed Chapter 7 bankruptcy to liquidate its assets. The company has discontinued operations and laid off 275 employees.
Less than four months ago Living.com had been rated the “best online furniture store,”by research group Gomez.com, according to news reports.
“Despite our employees tremendous efforts and the loyalty of our customers, the recent downturn in the capital markets has substantially impared our ability to raise the capital required to achieve profitability,”Living.com CEO Shaun Holliday, said in a statement.
Living.com formed its partnership with Amazon.com in May which enable customers to access the store through the Amazon Web site. Living.com launched in July 1999.
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