Farfetch Limited (FTCH) Stock

Coupang just released second quarter earnings, and it was a mixed bag. Net revenues rose 25% year-over-year on a reported basis to $7.3 billion.

Farfetch Limited (NYSE:FTCH) CEO and founder José Neves has left the company following its acquisition by South Korean e-commerce giant Coupang in December. Other key executives have also exited the online retailer of luxury fashion including its chief financial officer, chief product officer, chief platform officer, chief marketing officer, and chief operations officer, with additional layoffs starting from Friday, according to an internal memo seen by media outlets.

It's been a bad week for Farfetch FTCH , the luxury e-commerce marketplace, and by extension, South Korea-based Coupang, its new owner as of December 30.

Matchesfashion has officially changed hands.   Frasers Group, the British retail conglomerate, has acquired the luxury multibrand retailer for £52 million ($65 million) from private equity firm Apax Partners.

The New York Stock Exchange said it was suspending Farfetch Ltd. shares immediately, citing a Monday securities filing that mentioned the company's expectation that Class A and B stockholders won't recover any of their outstanding investments.

Farfetch Limited (NYSE:FTCH) shareholders will not recover any value from their stake in the company once its $500 million rescue deal with South Korean e-commerce group Coupang is finalized, analysts at UBS have highlighted. Per the online luxury retailer's statement on Monday, “Upon consummation of the sale, Farfetch Limited (NYSE:FTCH) expects that holders of its Class A and B ordinary shares and its convertible notes will not recover any of their outstanding investments in Farfetch.

Farfetch, the beleaguered UK-based but US-listed online luxury retailer has been sold to South Korean e-commerce group Coupang in an eleventh-hour rescue deal. Around US $500 million in emergency funding will be provided by Seoul-based Coupang, according to a statement Monday, helping London-HQ'd Farfetch avoid bankruptcy.

Farfetch delayed its earnings report two weeks ago, though it's unclear why. Moody's downgraded the stock at the beginning of the week.

Farfetch (NYSE: FTCH ) stock is rising today on news that the company is moving to secure emergency funding. According to recent reports, the U.K.-based e-commerce firm is in talks with private equity leader Apollo Global Management (NYSE: APO ) to procure an emergency funding package in an attempt to “shore up its finances.