Thrasio, an early chief within the massive enterprise of Amazon aggregators, had a sales space on the widespread Prosper Show for Amazon sellers in Las Vegas, Nevada, on July 14, 2021.
Katie Schoolov
Thrasio, an early chief in aggregating Amazon sellers, filed for Chapter 11 chapter safety in a New Jersey court docket Wednesday.
The firm stated it had agreed with lenders to shave about $495 million off its debt load. Thrasio stated some collectors have dedicated to supply it with as much as $90 million in recent capital, which it stated will go towards ongoing operations, and allow it to maintain operating manufacturers in its portfolio.
“Thrasio is one of the largest third-party sellers on the Amazon marketplace, and with a strengthened balance sheet and new capital, we will be better equipped to support our brands, scale our infrastructure and enable future opportunities,” Thrasio CEO Greg Greeley stated in a press release.
Thrasio and different Amazon aggregators raised billions of {dollars} from traders seeking to money in on the third-party vendor rollup craze. Aggregators purchased up promising merchandise and storefronts on Amazon, to make use of their information and operational experience to turbocharge gross sales. But the hype started to fizzle final 12 months because the pandemic ended, e-commerce development slowed, and financial uncertainty elevated.
Thrasio, which ranked fortieth on the 2022 CNBC Disruptor 50 record, raised $3.4 billion. The firm at one level eyed going public by a particular goal acquisition firm, or SPAC, however the plans have been shelved because of a sophisticated auditing course of, CNBC beforehand reported.
The firm laid off about 20% of its workers in 2022 and noticed a number of executives depart, together with co-founder Josh Silberstein. That 12 months it named Greeley, a 19-year veteran of Amazon who oversaw the event of its Prime loyalty program, as its CEO, succeeding co-founder Carlos Cashman, who stays a member of Thrasio’s board.
WATCH: What’s behind the large hype and billion-dollar aggregator start-ups shopping for Amazon vendor manufacturers
Source: www.cnbc.com”