Discount fashion e-tailer Iyou.com is closing shop. The Irvine, Calif.-based company has notified customers that it will be shutting down by the end of the month and is offering a 50 percent discount on its remaining inventory. Iyou is closing down because of a lack of funding, said Robert Tran, who directed production and operations at the company.
Launched in November 1999, Iyou offered designer clothes, fragrances and gifts. The company, which raised several hundred thousand dollars in funding and had about 2,000 customers, has already cut its staff back from 20 employees to 2, Tran said. Forbes named Iyou a "Best of the Web" site last month.