Boxed Inc (BOXD.N) filed for Chapter 11 bankruptcy protection and was pursuing sale of its software business, the e-commerce grocery platform said on Sunday, adding that it will also wind down its retail operations in the coming weeks.
The plan to sell Spresso, its Software-as-a-Service business, chimes with the company’s announcement last month to explore options to raise capital.
“This was an incredibly difficult decision, and one that we reached only after carefully evaluating and exhausting all available options,” Chief Executive Officer and co-founder Chieh Huang said in a statement.
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