The footwear brand Mahabis has entered administration.
The retail group, which was founded in 2014, called in administrators just days after Christmas.
“We are very sorry to report that Mahabis Limited entered administration late on the 27th December 2018,” said Mahabis in a statement.
“We have, for the moment, ceased trading as the administrators take over the business … We are all desperately disappointed at this outcome. Please bear with us as we do our best to work through the current circumstances,” the statement added.
The group had sold almost one million pairs of slippers in over 100 countries.
Whilst it is not yet clear what caused the downfall of the retailer, Mahabis was worth around £75 million – £100 million.
Customers who want to return recently bought footwear from Mahabis have been told not to expect a full refund.
“It is very likely that if you return goods you will not receive a full refund and any refund will take many months,” said the group. “We would recommend therefore that you consider carefully whether or not to actually return goods.”
Mahabis, where shoes cost around £70, targetted millennials through pop-up ads and email discount offers. The footwear company is thought to owe creditors £2.6 million to creditors in the 12 months to June 2017.
Staff at the firm worked a four-day week. The Mahabis boss, Ankur Shah, published a manifesto which encouraged ‘down-time’ for employees.