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What happened: Problems for the online grocery company Boxed mounted in 2022 as recurring quarterly losses and a fallen share price led to a warning from the NYSE that the company could be delisted. That was followed by an announcement in January that Boxed's board was exploring "strategic alternatives," including a potential sale. The story came full circle on April 2 as the company filed for Chapter 11 bankruptcy. Why it matters: Before taking Boxed public via SPAC in 2021, Boxed's board rejected an offer from Kroger to acquire the company for $400M. Now, the company will close all operations, telling the bankruptcy court that it has $102.6M in total assets with $190.4M in total debts. Where to see the impact: The company expects to sell its online SaaS business, Spresso, to first-lien lenders, leaving the service to continue as the next steps are decided |
