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Online Watch Retailer Shuts Down

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The firm operated WorldofWatches.com.

Online retailer Swiss Watch International has shut down its operations, the South Florida Business Journal reports.

The company cut 129 jobs, according to a WARN filing it submitted to the state of Florida.

Swiss Watch International operated WorldofWatches.com, along with TheWatchery.com and eWatches.com.

The company said in the WARN filing that it had operated under a forbearance agreement since July 2016. Under that arrangement, “Swiss Watch’s lenders allowed the company to remain operating while we attempted to obtain additional financing and business and remain in operation as a going concern.

“Unfortunately, while the company believe that it would be successful in obtaining new financing and business, we recently learned that the company’s efforts to remain in operation have [not] been successful,” Swiss Watch International explained in the filing.

The company was founded in 1983.

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