Ireland’s biggest shopping site Fast Shop has announced it is closing down on August 25, and it’s not because of a lack of interest in its online shopping service.
Instead, the Irish firm said it is shutting down its website due to its financial difficulties.
Fast Shop is based in Dublin and has been run by Irish-based business developer Fast Company since 2010.
In a statement, Fast Company said it was planning to “terminate our business as of August 25.”
“Fast Shop will continue to operate as a standalone entity until it can be financially stable.
This will take some time, and we will provide further updates once that process is complete,” the statement said.
Fast Company also said that the closure of Fast Shop was “expected to take up to one year,” which Fast Company CEO Michael Malone said was “not the best outcome for the company.”
The company said in the statement that it will continue its “committed commitment to providing the best possible shopping experience for our customers.”
In the wake of the announcement, customers on the site are seeing an increase in the number of listings for various goods, including clothes, shoes, home goods, and even toiletries.
In the statement, Malone wrote that the closures were “in no way related to Fast Shop’s success.”
Malone also said in his statement that he believes “the business environment has changed significantly” since the company was founded in 2008, but he said that “we are working hard to stay relevant and competitive” by “delivering a great experience to our customers” and “providing them with a seamless shopping experience.”