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Online wine subscription club Winc files for bankruptcy

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The Los Angeles-based company’s stated goal was to ‘make exploring wines fun and easy’ by providing millennials with algorithmic recommendations. It generated $72.1 million in revenue last year, but Winc has never turned a profit, and it has now filed for relief under Chapter 11 of the United States Bankruptcy Code. Unsecured creditors include Facebook and Instagram owner Meta and artificial intelligence firm Impact Tech. The filing states that Winc has ‘entered into a confidential, non-binding agreement with a potential stalking horse bidder for substantially all of the company’s assets’. A stalking horse bid targets distressed companies and seeks to purchase their assets during bankruptcy proceedings. Brian Smith, Geoff McFarlane, Mark Thomas Lynn and Xander Oxman established Winc [...] Voir l'article complet sur Decanter

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