The sale of Boxed's assets will take place in the context of the company's chapter 11 bankruptcy proceeding.
After filing for Chapter 11 bankruptcy a few months ago, Boxed Inc. is working with intellectual property advisory firm Hilco Streambank to obtain offers to acquire the intangible assets associated with the bulk-quantity consumable products e-commerce retailer. The assets for sale include its domain name, customer data, trademarks such as private label brand Prince & Spring, social media accounts, and related assets.
Bids are due on or before June 15 at 5:00 p.m. EST, and an auction will be conducted on June 21. There is an opportunity to serve as a "stalking horse" bidder – an initial bid on the assets of a bankrupt company. The stalking horse sets the low-end bidding bar so that other bidders can’t underbid the purchase price.
Founded in 2013, Boxed provided B2C and B2B customers with direct delivery of bulk pantry household and office essentials, without the requirement of a membership or subscription fee. Gross merchandise value totaled $189 million in 2022. In addition to the nationally recognized branded products, Boxed.com developed and cultivated its own unique loyalty-building private label brand, Prince & Spring, which generated approximately $25 million in gross merchandise value (GMV).
Hilco Streambank SVP Richelle Kalnit noted: "Boxed resonates with both business-to-business and business-to-consumer customers, offering them the convenience of bulk household essentials delivered to their door, without a membership fee. 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 $21 million in GMV in 2022. 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 the company'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.
In its bankruptcy filings, Boxed listed $102.6 million in assets and $190.4 million in liabilities.