The company has been put into administration after Frasers admitted Matches was making "material losses" and "consistently" missing targets set out to improve the business.
The online clothing platform employs about 700 people, but Frasers, best known for its ownership of Sports Direct, said the cash needed to keep the business going was "far in excess" of what it felt was viable.
Frasers, led by Michael Murray, bought Matches off Apax Partners in December.
Apax, which had owned the company since 2017, once valued it at more than $1 billion - a sign of how rapidly the UK retail sector has unravelled.
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