Citing the war in Ukraine and "subsequent restrictions in funding," ultrafast grocery delivery provider Buyk—whose founders got their start in ghost grocery operation in Russia—announced March 17 that it has ceased all operations. The company said in a news release that it has 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.
"We have diligently explored all possible options and partnerships to restructure Buyk and keep the business going," said CEO James Walker, who took the helm at the company from co-founders Slava Bocharov and Rodion Shiskov in November, in a statement. "However, the war in Ukraine and subsequent restrictions in funding have unfortunately made it impossible to continue operations."
Buyk, which launched service in Manhattan in September 2021 promising delivery to customers’ doorsteps in 15 minutes or less, said it intends to use the Chapter 11 proceedings to wind down operations and dispose of inventory and assets. As of March 4, the company ceased all operations from its 39 stores in New York City and Chicago.
“I am extremely proud of the entire Buyk team for their amazing achievements since we launched the business last year,” Walker added in a release. “These are truly some of the most talented and dedicated people I have had the pleasure to work with in my career, and I wish them much success in the future.”