Boxed was founded in 2019 as a online competitor to membership warehouse clubs.
Boxed Inc.’s wind-down continues.
Hilco Steambank is seeking offers to acquire the “assets” of Boxed Inc. The e-commerce retailer, which sells bulk sizes of pantry items and other everyday essentials to consumers and businesses without the requirement of a membership fee, filed for bankuptcy in April, with plans to liquidate its retail business. The assets for sale include the company’s domain name, customer data, trademarks including private label brand Prince & Spring, social media accounts and related assets.
Bids are due on or before June 15, 2023 at 5:00 p.m. (ET), and an auction will be conducted on June 21, 2023. There is an opportunity to serve as a “stalking horse” bidder.
“This offering resonated so deeply with the customer that the brand recently expanded to offer a B2C premium subscription loyalty program, BoxedUp, garnering approximately 32,000 members and generating $21M in GMV in 2022,” stated Hilco Streambank senior VP Richelle Kalnit. “Coupled with its one-hour delivery service, Boxed Market, the company’s intangible assets position a buyer favorably for growth.”
The sale of the assets will take place in the context of Boxed’s Chapter 11 bankruptcy proceeding and is subject to bankruptcy court approval. The sale of the Boxed.com domain name is subject to definitive documentation.
Interested parties should click here for additional information or contact Hilco Steambank directly
(Hilco Steambank is an intellectual property advisory firm specializing in the valuation and monetization of intangible assets.)
Founded in 2013, Boxed went public in 2021 via a deal with special purpose acquisition company Seven Oaks Acquisition Corp.
In its court petition for bankruptcy, Boxed listed total assets of $102.6 million and total debts of $190.4 million.
"This was an incredibly difficult decision, and one that we reached only after carefully evaluating and exhausting all available options," stated CEO and co-founder Chieh Huang.