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WINDING DOWN: Cocosa, the luxury off-price flash-sale site, will be closed by the Al Fayed Group, which is owned by Mohamed Al Fayed. A statement released Monday said that the closure is the next step in simplifying the group’s portfolio of businesses and that it would be “conducting an orderly wind-down of the Cocosa business in the months ahead.”
The owners said they deemed the ongoing costs of building the brand to leadership to be too high to warrant continued investment. “Cocosa is stable, is expressly not being placed in administration and the owners have fully committed to funding the wind-down of the business,” the statement read. The Cocosa close follows Al Fayed’s divestment of the Fulham Football Club to Shahid Khan in July, and the sale of Harrods to Qatar Holding in 2010.
In July, Al Fayed wrote on his personal Web site that it was time for him “to retire and spend time playing football [soccer] with my grandchildren.”