Music-related fashion etailer EBTM is set to go into administration and will delist from the AIM stock market next month, after failing to find funding to save the business.
In a statement this week, the board said there was no way to maintain shareholder value for the company, which was launched in 2005.
The website, which sold skate footwear brand Vans and streetwear labels Criminal Damage and Chunk, as well as its own label, was hit by difficult trading in recent months.
The board tried to rescue the business and it was put up for sale earlier this year as it issued a profit warning. Sales fell 33% in December compared with the previous year.
Co-founder Quentin Griffiths, who also co-founded young fashion etailer Asos, ethical clothing etailer Adili and designer lingerie website BeCheeky, stepped down from the EBTM board at the end of last year.
Last week, the board said that despite discussions with a number of interested parties about providing funding for the business or buying it, no deal that was acceptable to the directors and shareholders could be reached.
David Gilbert and Antony Nygate at BDO Stoy Hayward were last week appointed joint administrators for the group’s operating subsidiaries, Mockingbird Distribution and Everything But The Music.