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E-Grocer Takeoff Technologies files Chapter 11, seeks buyer


May 30, 2024 WALTHAM, Mass.–(BUSINESS WIRE)–Takeoff Technologies, Inc., a provider of e-grocery fulfillment solutions to leading grocery retailers across the globe, today announced that the Company and its subsidiaries filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Through the chapter 11 process, Takeoff intends to complete a marketing process to solicit interest in one or more sales of some or all of its assets.

To continue operating the business during the chapter 11 cases, Takeoff has requested Court approval to enter into an agreement with a consortium of its customers to provide approximately $9.6 million in debtor-in-possession (“DIP”) financing. This financing is expected to enable remaining operations to continue in the ordinary course through the marketing and sale process.

Should no viable or qualified bidders emerge during the Court-facilitated process, the consortium of customers that are providing Takeoff with DIP financing may acquire some or all of the business. Takeoff intends to implement an orderly wind down of any assets that are not acquired through the sale process.

Prior to the commencement of its chapter 11 cases, Takeoff explored a series of strategic alternatives in response to the Company’s recent financial challenges and absence of additional equity funding, including discussions with its key partners and customers regarding the potential sale of some or all of the Company’s assets. Ultimately, the Company determined that a Court-supervised proceeding was the best way to effectuate a value-maximizing marketing process, while maintaining industry-critical operations for customers.

“Takeoff is taking this necessary next step after careful consideration and in consultation with management, advisors, and the Board. The interest demonstrated by our customers in continuing to do business with us demonstrates the strong need for Takeoff’s products and services in the marketplace,” said John DiDonato, Managing Director at Huron Consulting Group and Chief Restructuring Officer at Takeoff.

“Through this process, our priority is minimizing disruption for our valued customers and employees, and the communities they serve, as we continue to engage in discussions with potential buyers to maximize value for our stakeholders. The e-grocery fulfillment solution is an essential service in the food retail industry and our customers are reliant upon Takeoff’s lower-cost-to-serve technology. We extend our deepest gratitude to our employees, customers, partners, and the communities we serve.”

Additional information regarding the Company’s chapter 11 process is available at Stakeholders with questions may call the Company’s Claims Agent, Kroll Restructuring Administration, at 833-533-7749 or +1 646-747-4268 if calling from outside the U.S. or Canada, or email

Sheppard, Mullin, Richter & Hampton LLP is serving as legal counsel, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

About Takeoff Technologies

Takeoff Technologies offers eGrocery solutions that empower grocers to thrive online using hyperlocal fulfillment. Founded in 2016, Takeoff’s solutions range from fully manual fulfillment technology to highly automated Micro Fulfillment Centers (MFCs) powered by a seamless integration with global automation leader KNAPP. Takeoff Technologies is driven by a mission to transform the grocery industry by making online grocery operations as efficient and cost effective as traditional brick-and-mortar stores.

Katie Reimel
C Street Advisory Group