New York-based Buyk, the real-time retail grocery delivery service that launched in New York City and Chicago in 2021, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.
The company intends to use the Chapter 11 proceedings to wind down operations and dispose of inventory and assets. As of March 4, the company has ceased all operations from its 39 stores in New York City and Chicago.
This announcement comes after the company released its intensions to expand into the Chicago area and to begin a partnership with Lafrieda and other private label products.
According to the New York Post, Buyk was a spin-off of Russian delivery app Samokat, which is partially owned by sanctioned state bank Sberbank, and funded by investors with Russian ties.
“We have diligently explored all possible options and partnerships to restructure Buyk and keep the business going, however, the war in Ukraine and subsequent restrictions in funding have unfortunately made it impossible to continue operations,” said James Walker, Buyk’s CEO.
“I am extremely proud of the entire Buyk team for their amazing achievements since we launched the business last year. These are truly some of the most talented and dedicated people I have had the pleasure to work with in my career and I wish them much success in the future.”
Buyk is a real-time retail grocery delivery service that was launched in September 2021 with the mission of giving back time to American consumers. The company delivered groceries and essential items to customers’ doorsteps in 15 minutes or faster – with no minimum spend and no delivery fee. Buyk operated a network of 39 stores in New York and Chicago.
For more information, visit buyk.com.
To read more news from Buyk from The Shelby Report, click here.