Munchery: Meal Delivery Startup Munchery Files for Bankruptcy

Embattled food delivery startup Munchery has officially filed for bankruptcy, and it owes a whole lot of people a whole lot of money. The company owes $28.5 million in secured debt to lenders and $6 million in unsecured debt (half of it is to 230 vendors and suppliers and the other half is to thousands of former customers who are holding unfulfilled gift cards), according to a Chapter 11 filing. Munchery lists aggressive expansion, inability to attract new customers, and increased competition as reasons that contributed to the shuttering of its business. Munchery seems like the classic tale of a startup going bust - raising more than $125 million in... Read More