Thrasio, an Amazon aggregator, has said that it has emerged from Chapter 11 of bankruptcy, as per a report by Reuters. The company has further added that it has appointed Stephanie Fox as its chief executive officer.
Fox was previously the chief operating officer of the company. Fox will take over from Greg Greeley, who will step down after the company's global restructuring is complete.
Thrasio, known for acquiring third-party Amazon sellers, will now reportedly focus on profitability. In late February, the company filed for bankruptcy protection. It also reached a restructuring agreement with some lenders to reduce its debt.
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As per the company website, Thrasio, “work with successful sellers, using a deep understanding of rankings, ratings, and reviews—plus supply chain and marketing smarts—to transform the art and science of commerce.”
At the time, Thrasio claimed to have acquired $90 million in funding commitments from current owners. Over the years, the company has raised $3 billion in debt and equity. While speaking about the restructuring, as per TechCrunch, the company said that the new capital “is expected to provide sufficient liquidity to support the company throughout this process and beyond. In particular, the financing will enable the continued operation of Thrasio’s brands, support ongoing business operations, and provide the company with access to new capital upon emergence from Chapter 11 to support go-forward business operations.”
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Talks about the company’s bankruptcy have been happening since last year. Further, the company has laid off several of its employees since 2022. On being asked if the company plans to do more layoffs in the future, the company told TechCrunch in March this year, “Over the past year, we have made significant progress transforming the business and advancing our objective to introduce hundreds of brands to millions of customers.” Additionally, as part of its restructuring, the company also cut its stake in certain markets. For example, last year, the company retreated from the Indian market.
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