Wholesale retailer Boxed Inc files for bankruptcy

US online and mobile wholesale retailer Boxed Inc. has filed for bankruptcy.

In a Chapter 11 petition, the company listed $102.6 million in assets and up to $190.4 million in liabilities.

The company, which thrived during the Covid-19 lockdowns, said that it will pursue a sale of its Spresso Software-as-a-Service business to first-lien secured lenders and wind down its retail operations in the coming weeks.

The company said that it would fund its near-term operations and cover administrative expenses through access to its cash collateral as it winds down.

Boxed, founded in 2013, was one of many companies which said it held a majority of its cash deposits and other assets in the collapsed Silicon Valley Bank.

In a statement, Boxed chief executive officer and co-founder Chieh Huang said: "This was an incredibly difficult decision, and one that we reached only after carefully evaluating and exhausting all available options.”

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