Grocery Delivery Service Shuts Down in Chapter 11 Filing
Six months after launching in New York City and Chicago, Buyk, a real-time retail grocery delivery service, is winding down operations. The company recently filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.
The company intends to use the Chapter 11 proceedings to wind down operations and dispose of inventory and assets. Buyk has ceased all operations from its 39 stores in New York City and Chicago.
“We have diligently explored all possible options and partnerships to restructure Buyk and keep the business going,” said CEO James Walker. “However, the war in Ukraine and subsequent restrictions in funding have unfortunately made it impossible to continue operations.”
According to the Chapter 11 filing, the sticking point was restrictions on transferring funds out of Russia, where its backers are based, due to the crisis in Ukraine.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).