HELSINKI (08/04/2000) - Dressmart.com's Finnish subsidiary filed for bankruptcy on Wednesday and a court in Helsinki gave the online clothing business that status the same day.
Dressmart.com President Mikko Armila declined to comment.
Dressmart.com seems to be facing the same destiny as boo.com, the Internet fashion site that went bankrupt in May of this year after being in business for just six months. Dressmart.com launched online in Sweden in April of last year.
In July, the company filed for protection from creditors to whom it owed money.
Shortly after, the Dressmart.com subsidiary in Norway went bankrupt.
At the height of its business, Dressmart.com operated in eight countries and had more than 80 employees. But selling clothes over the Internet has generally proved less than profitable for such online ventures.
Just after boo.com went bankrupt in May, Armila expressed confidence in Dressmart.com's future, saying, "We'll see other examples like that where the business is built on weak ground. Dressmart.com won't be one of those."