 |
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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
