GearBest disappears from the internet: the Chinese online store has been closed for days and there is talk of possible bankruptcy
For years it was one of the references when buying products in Chinese online stores. GearBest, however, seems to have closed its doors.
His website (gearbest.com) has been inaccessible for days, and when trying to access an invalid UR error message appears. The data points to a potential bankruptcy that could make this online store disappear permanently.
Days out of reach, bankruptcy rumors
There is currently no official explanation for the disappearance of the GearBest website, which has been inaccessible for 10 days. It was not possible to access Gearbest services for any user in any country, which makes it clear that this is not a partial or country closure.
GearBest’s presence on social media also bodes ill: his Twitter account has no activity since April 2020, but there is no activity on his Facebook account, which was the one that was most updated: the last message there is from July 7.
Rumors suggest that the company could be bankrupt. In June, it was reported that Shenzhen Globalegrow E-Commerce Co. Ltd, parent of GearBest, was filing documents with the Court of Guadong Province, China, to file your bankruptcy.
That bankruptcy declaration might not mean the definitive closure of the company, but it certainly seems clear that both the parent company and GearBest itself are going through a difficult situation.
The parent company has been losing value on the Shenzhen Stock Exchange for years, and it appears that economic losses were especially sensitive in the fourth quarter of 2020.
GearBest was created in 2014 and by 2018 it had already become one of the most important Chinese companies in its international operations: shared successes with others like Xiaomi, ZTE, Lenovo, JD or Shein. On its fifth anniversary in 2019, it underwent a makeover and restructuring, but two years later the situation is totally different.