(Yicai Global) July 31 -- Shangpin Baizi E-Commerce has suspended mobile app sales at its high-end online retail platform of nine years after a lack of funding and operational woes left it unable to fulfill customer orders.

Shangpin customers can still buy, sell and arrange returns via its website and request refunds through its WeChat official account, according to a notice published on the app yesterday.

The Beijing-based firm, which runs global fashion boutiques for clothes, bags, shoes and accessories, disbanded most of its operations teams in early June and has cut long-term workers' wages by up to half, according to a former employee who was hired to help set up a financial business arm that would offer installment plans to shoppers.

Shangpin had a preliminary plan for the service in place and contacted several banks, but after making major operational changes its financial business came to a halt, according to the Economic Observer.

Editor: James Boynton