Style.com will discontinue operations immediately and redirect to Farfetch.com.
Private equity firm Investcorp is reportedly interested in the brand.
The three-floor, 6,000-square-foot store will be located on New Bond Street.
The label is said to be in talks with Japanese conglomerate Onward Kashiyama, owner of Jil Sander and Joseph.
He will continue as chief creative officer and take on the new title of president in July.
Sales for the year were down 10.4% on a reported basis.
The company also announced a new share-buyback program.
The 5,000-square-foot building spans six floors.
The British footwear and accessories brand said it’s exploring various options.
The 43 piece collection debuts May 18 and includes a pair of horsebit loafers in mimosa wallpaper print.