SINGAPORE - Singapore-based online clothes rental platform Style Theory announced its closure on Sept 30, citing rising operating costs as one of the causes .

The platform offers both one-time clothes and bags rental services as well as membership plans that allow members to rent a fixed number of pieces per month for a monthly fee.

All rental, delivery, membership, support and services have been discontinued as of Sept 30, according to Style Theory’s website.

Active subscribers of the platform will not receive refunds for unused portions of their plans. Those holding on to rented apparel pieces were asked to hold on to them until further notice, said the rental platform.

Those holding on to rented bags were asked to return them, as they are either company-owned or consigned by individual owners. 

Consignors of apparel who have pending payouts will also not receive them directly, said Style Theory.

“As the company will be placed into liquidation, we are not able to issue payouts directly,” the company said on its website.

Consignors who are owed amounts will be treated as creditors of the company. They may file a claim with the proposed liquidators’ team once it is formally appointed at the upcoming creditors’ meeting, according to Style Theory.

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