Boxed bankruptcy could be blamed on Silicon Valley Bank's collapse, but its problems extend far beyond the bank run
Boxed looked beyond straightforward retailing to grow its business. It started offering advertising for food brands, ran a marketplace for third-party sellers, and sold its software as a service to other retailers.
After the company went public in December of 2021, its share price rose to an all-time high of $13.70. latest earnings report last November, Boxed said its sales fell 15% over the year prior to $41.7 million and that its net loss quadrupled over the same period. Boxed's stock has lost almost all its value, and the company was warned that it could be delisted from the New York Stock Exchange. The startup's shares were trading at 19 cents each on Monday.
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