Russia-Backed Delivery App Buyk Shuts Down, Files Bankruptcy (1)

Rapid grocery-delivery app Buyk Corp. filed for bankruptcy and will permanently shut down after fallout from Russia’s invasion of Ukraine restricted the startup’s access to funding.

Buyk, which launched in New York just last year, listed assets and liabilities of as much as $10 million each in its bankruptcy petition, filed Thursday. The company has ceased operations and plans to sell off remaining its remaining inventory, according to a statement.

Buyk struggled to access financing after President Vladimir Putin restricted the flow of money outside of the country, Chief Executive Officer James Walker said earlier this month. The startup ...