Benitago, Amazon Brand-Buyer, Declares Bankruptcy

E-commerce acquirer Benitago Group has filed for bankruptcy after raising $380 million in equity and debt over the past two years. The New York-based company sought protection from creditors, listing assets and liabilities ranging from $50 million to $100 million. Benitago had experienced growth in the e-commerce roll-up market, but the sector has since slowed down, leading to a decline in venture capital funding. The company plans to restructure its debt and potentially sell off parts of its business during the bankruptcy process.