Online retailer Boxed announced Sunday that it has filed for Chapter 11 bankruptcy protection.
The company, which said it will wind down its retail operations over the next several weeks, listed in its court petition $102.6 million in total assets and $190.4 million in total debts.
Boxed had been showing signs of financial distress for months. It received warnings from the New York Stock Exchange last fall after its stock price and average market capitalization fell below the listing threshold. In January, the company revealed it was weighing a sale of the business, and two months later, the company said it was considering filing for bankruptcy.Retail Dive