The company went into receivership in July. Earlier this month, it was announced that Dressmart was being sold to the New Wave clothing group for one Swedish kroner (about seven pence). It was previously valued at about £900,000, but New Wave was to take on debts of £750,000 and was to provide £375,000 of additional funding. The London office of Dressmart, which employed 20 staff, was already closed down at this time. It was the company’s technology platform that New Wave wanted to integrate with its Cyberwave business-to-business operation.
However, the bid by New Wave has now been turned down because of disagreement among its shareholders, leading to the announcement that the company would file for bankruptcy.
Ironically, the web site’s advertising tag line read: “All the right brands for men who want to stay in business.”