. “This company can be seen on the verge of collapse, just short of going through legal procedures.”
Secoo received a delisting warning in December 2021 after its shares dropped below $1 for 30 consecutive days. In January this year, the company revealed itsAccording to Tianyancha, China’s leading company data search platform, Secoo has been mired in over 500 sales contract disputes. Earlier this month, Secooto its early partner Prada, in which the Italian luxury brand sought to freeze more than 11 million renminbi, or $1.
According to a former employee, the Shanghai shop was shut down in April. “The company said it was closed because of the pandemic, and they paid me 120,000 renminbi in severance,” said the former employee.
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