Lily’s boutique, Lily’s, has gone through bankruptcy.
Lily’s was a boutique that specialized in luxury brands like Chanel and Hermès.
In 2018, the company filed for bankruptcy, citing the inability to maintain its operations.
It was a “crisis that we have seen before, but this is a unique one,” founder and CEO Laura Smith told Recode.
“It was a very big one, and we have never experienced one like this before.”
Smith said the company’s loss could be “catastrophic,” and said the bankruptcy filing was necessary to “provide the company with a stable and secure financial position for future business growth.”
She said the business was also closing up shop, and was focusing on expanding its brand.