53. Farfetch

How Many Stores Closing: Unknown

Current Value of the Business: $250 million*

Farfetch, once a towering $20 billion retail behemoth, now teeters on the brink of collapse. Its share prices have nosedived, sparking rumors of a buyout by its founder. Key investors like Alibaba, Artemis, and Richemont watch as its value dwindles to a mere $250 million.

In a desperate bid to dodge bankruptcy, Farfetch may need an influx of over $500 million soon. This predicament exemplifies the luxury e-commerce industry’s volatile nature and the uphill battle Farfetch faces. What 2024 holds for it is still up in the air.