Boxed says it initiated voluntary proceedings under Chapter 11 to execute a sale of its Spresso software business to its first lien secured lenders, according to company statement.
- To wind down its retail e-commerce operations over the next several weeks
- Intends to fund and protect its near-term operations and cover administrative expenses through access to its cash collateral
- Will transition Spresso business to a new separate legal entity that will continue as a going concern
- Spresso business customers are not anticipated any service disruption throughout the sale process
- NOTE:
Boxed Files For Chapter 11 Bankruptcy in Delaware
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