Not that I'm aware of. Company continues doing business as before.
Zuoan director Wenxin Zhu is Chairman of a company that has filed to list on China's "New Third Board". On page 29 of the listing document it shows his company affiliations including serving as an independent director of Zuoan Fashion Ltd. http://file.neeq.com.cn/upload/disclosure/2016/2016-01-27/1453879954_314367.pdf
If Zuoan were considered defunct or disgraced then it would probably not have been mentioned.