Clickmango refreshes service despite funding trauma

NEWS Struggling online retailer Clickmango.com will continue trading past its planned closure date despite a severe lack of funding, according to founders Robert Norton and Toby Rowland. The company had planned to cease trading on 31 August after its main backer, Atlas Venture, refused to provide £300,000 in bridging finance. According to the company, it has negotiated good deals with creditors like MSN and Exodus, allowing it to stretch its reserves of cash beyond August. The company's founders are still confident they can find a buyer. The increased publicity has seen traffic levels to the site quadruple and sales rise by 20 per cent over the last week. In a statement, founder Robert Norton said: "We're feeling cautiously optimistic that an extra month of operation might give us enough time to conclude negotiations with one of the many blue-chip white knights who have made approaches this week." Following the downfall of boo.com, another online clothes retailer - dressmart.com - has hit trouble this week and is closing its UK operations. The company has made no comment, but according to news service netimperative, liquidation proceedings have begun. For related news, see
'Ecommerce sours for Clickmango.com' http://www.silicon.com/a38857
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'boo.com pays the price for ignoring customers' http://www.silicon.com/a37572