Top Amazon aggregator Thrasio files for bankruptcy
Summary
Thrasio, an early leader in aggregating Amazon sellers, filed for Chapter 11 bankruptcy protection in a New Jersey court Wednesday. Thrasio said some creditors have committed to provide it with up to $90 million in fresh capital, which it said will go toward ongoing operations, and enable it to keep running brands in its portfolio. Thrasio and other Amazon aggregators raised billions of dollars from investors looking to cash in on the third-party seller rollup craze. But the hype began to fizzle last year as the pandemic ended, e-commerce growth slowed, and economic uncertainty increased. That year it named Greeley, a 19-year veteran of Amazon who oversaw the development of its Prime loyalty program, as its CEO, succeeding co-founder Carlos Cashman, who remains a member of Thrasios board.
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