Thrasio, a leading player in consolidating Amazon sellers, filed for Chapter 11 bankruptcy protection in a New Jersey court on Wednesday.
The company announced that it had reached an agreement with lenders to reduce its debt by approximately $495 million. Thrasio also disclosed that certain creditors have committed to providing up to $90 million in fresh capital, which will be utilized for ongoing operations and to continue managing the brands in its portfolio.
Thrasio’s CEO Greg Greeley expressed confidence in the company’s future, stating, “Thrasio is a significant third-party seller on the Amazon marketplace, and with a reinforced balance sheet and new capital infusion, we are better positioned to support our brands, expand our infrastructure, and capitalize on future opportunities.”
Thrasio, alongside other Amazon aggregators, attracted substantial investment from parties eager to tap into the trend of consolidating third-party sellers. These aggregators acquired promising products and storefronts on Amazon, leveraging data and operational expertise to drive sales growth. However, the enthusiasm waned last year as the pandemic subsided, e-commerce expansion slowed, and economic uncertainties heightened.
Source (CNBC)
