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    外賣公司Munchery申請破產

    Polina Marinova 2019年03月11日

    當創業公司陷入困境時,要記住,賭局失敗時,輸的不僅僅是財大氣粗的投資者。輸的還有很多小商販和供應商,而且他們不像投資的股東,他們無法輕輕松松地一筆勾銷瀟灑走開。

    送到辦公室的Munchery外賣。圖片來源:Courtesy of Munchery

    陷入困境的外賣服務創業公司Munchery已經正式申請破產,它欠很多人很多錢。

    Munchery申請破產保護的文件表明,公司欠貸方的擔保債務為2850萬美元,無擔保債務為600萬美元(其中一半債務的債權人是230家小商販和供應商,另一半是數千名還沒花完禮品卡的用戶)。Munchery稱其破產原因包括過度擴張、無法吸引新客戶、競爭激烈導致業務發展停滯等。

    Munchery似乎是那種創業公司破產的經典故事——先是從夏爾巴投資(Sherpa Capital)、門羅風投(Menlo Ventures)、e.ventures和Greycroft等投資者那里籌集超過1.25億美元的風險投資,頂峰時估值達到3億美元,之后毫不客氣地徹底崩盤。

    今年1月,我寫了一個關于生意失敗的專欄,提醒讀者當創業公司陷入困境時,要記住,賭局失敗時,輸的不僅僅是財大氣粗的投資者。輸的還有很多小商販和供應商,而且他們不像投資的股東,他們無法輕輕松松地一筆勾銷瀟灑走開。

    很多小企業主沒有收到付款,其中有一位表示欠她的錢超過2萬美元,她大聲向這家已經停業的創業公司背后的風險資本家喊話。“對你們來說這不算什么錢,但對我們來說,它意味著沒錢交租,意味著下崗,意味著還要再等一年才能擴大經營創造收益。”三個寶貝面包店(Three Babes Bakeshop)的老板莉諾爾·埃斯特拉達寫道。

    Munchery的首席執行官詹姆斯·貝里爾克在申請破產保護的文件中寫道:“直到2019年1月21日星期日晚上,管理層還在與若干高級擔保債權人和投資者進行會商,想要為公司運營繼續提供融資。”(《Term Sheet》欄目注:1月21日是星期一……而且該公司就在那天向客戶發送了電子郵件通知公司已經停止運作,立即生效。)

    換句話說,該公司一直拖到最后一秒,任由多家供應商陷入困境,提供服務卻無法得到補償。更糟糕的是,Munchery的投資者已經知道該公司自去年年初以來一直財務困難。有人建議公司減少經營活動,但該公司的管理團隊選擇了進取。

    事實上,像埃斯特拉達這樣的小商販可能無法為自己提供的服務得到補償。據《舊金山紀事報》(The SF Chronicle)報道,Munchery在一份文件中勾選了這個選項:“在支付完所有管理費用后,將不會提供資金分配給無擔保債權人。”

    與此同時,貝利爾克仍然在拿工資。該文件稱,他的工資是每月18750美元,這是他之前工資的一半,預計能發到4月。此外,他還將出售公司資產,獲得高達25萬美元的成交費。(財富中文網)

    譯者:Agatha

    Embattled food delivery startup Munchery has officially filed for bankruptcy, and it owes a whole lot of people a whole lot of money.

    The company owes $28.5 million in secured debt to lenders and $6 million in unsecured debt (half of it is to 230 vendors and suppliers and the other half is to thousands of former customers who are holding unfulfilled gift cards), according to a Chapter 11 filing. Munchery lists aggressive expansion, inability to attract new customers, and increased competition as reasons that contributed to the shuttering of its business.

    Munchery seems like the classic tale of a startup going bust — raising more than $125 million in venture funding from investors such as Sherpa Capital, Menlo Ventures, e.ventures, and Greycroft, and reaching a valuation of $300 million at its peak before unceremoniously crashing down to Earth.

    But in January, I wrote a column on the failed business to remind readers that when startups dissolve into obscurity, it’s important to remember that it’s not only deep-pocketed investors who lose out when a bet goes bad. A lot of vendors and suppliers do too — and unlike the shareholders invested in the business, it’s not something they can simply write off and walk away from.

    Many small business owners went without payment, and one such owner, who claims she’s owed more than $20,000, called out the venture capitalists behind the defunct startup. “It’s not a lot of money to you, but to us it’s missed rent payments, layoffs, and waiting another year to expand to offer benefits,” wrote Three Babes Bakeshop owner Lenore Estrada.

    In the Chapter 11 filing, Munchery CEO James Beriker writes that “Up until the evening of Sunday January 21, 2019, management was negotiating with the senior secured creditors and several investors to continue financing the operations of the company.” (Term Sheet Note: Jan. 21 was a Monday … which is also when the company sent an email to customers to notify them it is ceasing operations effective immediately.)

    In other words, the company waited until the last possible second, leaving many of its vendors high and dry for services they provided & would not be compensated for. What’s worse is that Munchery investors had known the company was in financial trouble since early last year. Some had encouraged the startup to wind down operations, but the company’s management team chose to forge ahead.

    The reality is that vendors like Estrada probably will not get compensated for the services they provided. Munchery checked this box on a filing: “After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors,” according to The SF Chronicle.

    Meanwhile, Beriker is still getting paid. The filing states that his salary is $18,750 per month, which is half of his previous salary, and he anticipates it to continue through April. Additionally, he stands to receive a success fee up to $250,000 for selling company assets.

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