The Amazon Packable seller would close its doors
Packable, the parent company of a third-party seller on Amazon, is reportedly downsizing and preparing to close, according to CNBC.
CNBC reported that Packable’s director of human resources, Leanna Bautista, said in a notice to employees on Aug. 22 that it was laying off 138 people, or about 20% of its staff, with the remaining 372 employees to be laid off when the responsibilities individual liquidations are completed. .’
INTERACTIVE-MARKETING has contacted Packable for a statement.
The notice states that Packable failed to secure new financing that would have allowed it to remain in business. “We diligently researched internal and external financing options, but were ultimately unsuccessful,” the company said. “As the company has no viable financing alternative, we are now forced to cease operations, liquidate any remaining collateral and close the business, including the establishment on which you are dependent.”
Packable is the parent company of Pharmapacks, an online retailer of health, personal care and beauty products. Founded in 2011, Packable partners with brands of all sizes to develop a custom e-commerce strategy to help them win big in the marketplaces. The company makes it easy to scale by managing the entire e-commerce ecosystem, from buying inventory and managing product pages to data-driven marketing and fulfillment, according to its official site.
Based in New York, Packable operates in the third-party (“3P”) space across seven online marketplaces in North America, including Amazon – where Packable is the largest 3P seller in the United States by number of reviews – Walmart , eBay, Target , and Google Shopping, among others, and also operates several direct-to-consumer (“DTC”) sites on behalf of brands.
Packable’s past year has been fraught with turbulence. The company announced plans to merge with a SPAC – Highland Transcend Partners I Corp in September in a deal valuing the company at $1.55 billion, the market began to turn and investors lost their appetite for SPACs, according to CNBC.
In March, Packable called off the deal to take the company public, simply saying it was due to “adverse market conditions”, just days before Highland Transcend’s scheduled shareholder meeting. Packable CEO Andrew Vagenas resigned in April and was replaced by Daniel Myers, a former supply chain manager at Mondelez, according to the company’s website.
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