Online retailer Zulily is going out of business, laying off hundreds

• Zulily is shutting down after more than a decade in business.
• The retailer blamed a challenging business environment and financial instability.
• Zulily's liquidation follows several rounds of layoffs.  

The U.S. online retailer Zulily is closing down, surprising customers and laying off hundreds of workers after efforts to salvage the business failed.