- Boxed Inc (NYSE: BOXD) has filed for Chapter 11 bankruptcy and is looking to divest its software business.
- The e-commerce grocery platform also decided to wind down its retail e-commerce operations over the next several weeks.
- The company had entered into a Forbearance Agreement with its first lien secured lenders as an interim solution to protect the business.
- Boxed intends to fund and protect its near-term operations and cover administrative expenses through access to its cash collateral as it winds down during the Chapter 11 process and transitions its Spresso business to a new separate legal entity that will continue as a going concern.
- “This was an incredibly difficult decision, and one that we reached only after carefully evaluating and exhausting all available options,” said CEO and co-founder Chieh Huang.
- The bankruptcy filing comes sometime after the company said it held majority of its cash deposits with the collapsed Silicon Valley Bank.
- Price Action: BOXD shares closed lower by 15.27% at $0.1898 on Friday.
EpicQuest Education Announces New Milestone In Davis University Designation
The Davis University Designation Broadens Students' Academic Journeys which is Expected to Increase Enrollment and RevenueMIDDLETOWN, Ohio, Nov. 28, 2023 /PRNewswire/ -- EpicQuest Education Group International
