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Benitago Inc. – Amazon Seller Aggregator Files for Bankruptcy with Over $100mn of Debt as Covid-Driven Online Boom Fades into Bust with Return to In-Person Shopping

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[Just filed. Developing story.] August 30, 2023 – Benitago Inc. and 28 affiliated debtors; together “Benitago” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 23-11394 (Judge TBA). The Debtors,"an e-commerce brand incubator and aggregator [ie, an Amazon seller aggregator]" are represented by Kyle J. Ortiz of Togut Segal & Segal LLP. Further Board authorized appointments include: (i) Portage Point Partners as financial advisors (and providing a CRO) and (ii) Stretto Inc. as claims agent.

The Debtors’ lead petition notes between 200 and 1,000 creditors; estimated assets between $50.0mn and $100.0mn; and estimated liabilities between $50.0mn and $100.0mn. Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Stefana – Veronica Sticlaru and Adrian Sticlaru ($1.5mn contingent debt claim), (ii) CalMyotis (HK) Limited ($1.4mn contingent, disputed debt claim ) and (iii) Wang Fang ($477k contingent trade claim).

Benitago is part of a packed field of Amazon aggregators that benefitted from the COVID-driven growth in online retail long enough to attract huge amounts of start-up/venture capital, but now apparently looking at an imploding/exploding bubble as boom turns to bust. See here, here and here for background.

About the Debtors

According to the Debtors: “Benitago Group (Benitago) is an e-commerce brand incubator and aggregator focused on creating and acquiring brands hyper-optimized for sustainable growth on e-retailer marketplaces such as Amazon. Founded in 2016 by Amazon seller natives, Benitago has launched over 10 brands and 300 products in-house. Along with brand incubation, the company connects with self-starting Amazon business owners looking to sell and grow their businesses."

 

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The post Benitago Inc. – Amazon Seller Aggregator Files for Bankruptcy with Over $100mn of Debt as Covid-Driven Online Boom Fades into Bust with Return to In-Person Shopping appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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