FTI Consulting is handling the Chapter 11 filing of Boxed, the e-commerce wholesaler of bulk pantry items to businesses and households.

It blamed the “challenging business environment” for the reorganization.

Boxed, which went public in a 2021 SPAC deal handled by ICR, posted a $94M loss on $131M revenues for the nine-month period ended Sept. 30, 2022.

The company announced in January that it was exploring strategic alternatives.

Boxed plans to sell its Spresso software business and wind-down its retail business.

CEO Chieh Huang thanked employees for their work during the past decade and for making “a lasting impact on the e-commerce consumables industry.”

Boxed in 2018 rejected a $500M takeover offer from Kroger.