Co-founders Vanessa Jacobs, Thaís Cipolletta Ferreira Alves and Emily Rea announced their departure from the luxury repairs and aftercare start-up, in a joint statement shared on their respective LinkedIn profiles on Friday.
“Unfortunately, there have been recent changes that have led to us making the heart-wrenching decision to step away from the company in the last couple of weeks,” the statement said.
Jacobs also said in her LinkedIn post that The Restory had been put into “proposed” liquidation, with all staff members terminated effective immediately.
This reported liquidation comes after The Restory brought on two strategic investors in August 2022: the UK arm of US repairs company The Cobblers, and Versailles Properties, an LLC based in Florida, which according to the UK’s Companies House register each hold between 25 and 50 percent shares in the company. Prior to this investment, The Restory had raised a total of £4.2 million ($5.1 million) in funding.
The Cobblers did not immediately respond to BoF’s request for comment and Versailles Properties LLC could not be reached for comment. Selfridges and Farfetch, two of The Restory’s active retail partners, did not immediately respond to BoF’s questions about the future of their partnerships with the company.
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