South African eCommerce retailer Snatcher has officially ceased operations, entering voluntary liquidation after grappling with financial difficulties and internal fraud.Â
The company, which once thrived in the competitive online retail space, was brought to its knees by a combination of internal malfeasance and stiff competition.
According to founder Dirk van Greuning, employees exploited coupon codes to make large purchases without completing payments, further destabilizing the company’s already strained finances.
This fraudulent activity compounded Snatcher’s challenges, particularly as it faced fierce competition from global retailers like Shein and Temu.
These competitors, who benefited from tax loopholes, offered lower prices, making it increasingly hard for Snatcher to survive.
Customers with outstanding orders have been contacted regarding refunds, while the company’s assets, including stock and a warehouse, are being liquidated to pay creditors.
The liquidation process is ongoing, with an auction of assets expected to conclude the proceedings.
