Online fashion rental platform Style Theory's sudden closure leaves subscribers, consignors in limbo

Online fashion rental platform Style Theory has announced its sudden closure, leaving subscribers and consignors with no refunds and no way to get their items back. The firm cited rising costs and the withdrawal of key investors among reasons to shut down. Besides membership plans that allowed subscribers to rent a fixed number of pieces per month, the platform also offered luxury bag rental services. Several consignors said they have been hit by irregular payouts and poor handling. In a statement on its website, Style Theory said it will not be able issue payouts directly. Those who are owed amounts may choose to file a claim with the liquidation team. Alexandra Anand reports.