Another e-commerce giant falls! US grocery platform Boxed files for bankruptcy protection!

It is learned that according to foreign media reports, the US grocery platform Boxed has filed for bankruptcy protection and is seeking to sell its software business. In addition, the company said it will end its retail business in the coming weeks. This is less than two years after it merged with Seven Oaks Acquisition and went public.

"This is a difficult decision, one we made after careful evaluation and consideration of all available options," Boxed CEO and co-founder Chieh Huang said in a statement.

The company has reportedly filed for bankruptcy protection in the U.S. District Court for the District of Delaware, citing a "challenging business environment."

Boxed said it plans to use its cash collateral to fund its near-term operations and cover administrative expenses. The online platform also said that software business Spresso will be sold to a first-lien lender and that customers will not face service interruptions in the process.

It is understood that Boxed's bankruptcy is related to the collapse of Silicon Valley Bank in the United States. The company previously stated that most of its cash deposits and other liquid assets are deposited in accounts at Silicon Valley Bank.

Editor ✎ Nicole/

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