Boxed Inc files for bankruptcy, plans to sell software unit.

E-commerce grocery platform Boxed Inc has filed for Chapter 11 bankruptcy protection and will wind down its retail operations in the coming weeks. The company plans to sell its Software-as-a-Service business, Spresso, to first lien lenders. Boxed will fund its near-term operations and cover administrative expenses through access to its cash collateral. The bankruptcy filing comes after Boxed said it held a majority of its cash deposits and other liquid assets in accounts at the collapsed Silicon Valley Bank.