US-based high-speed delivery service 'Buyk' from Russia goes bankrupt due to economic sanctions and has already dismissed about 900 employees



Many countries and businesses have taken sanctions against Russia, which continues to invade Ukraine. As Russian companies and people are affected by economic measures,

Buyk , a high-speed delivery service that has a Russian company as a parent company and is based in the United States, has announced bankruptcy.

Buyk Ceases Operations | Business Wire
https://www.businesswire.com/news/home/20220317005984/en/

Russia-Backed Delivery App Buyk Shuts Down, Files Bankruptcy --Bloomberg
https://www.bloomberg.com/news/articles/2022-03-17/russia-backed-delivery-app-buyk-files-for-bankruptcy-in-ny

Buyk is a company that has been providing a high-speed delivery service that 'delivers groceries and other products within 15 minutes' from 2021, and has 39 business bases in areas such as New York and Chicago in the United States. I was deploying the service.



At first glance, Buyk does not seem to be affected by Russian sanctions, but Buyk is a subsidiary of ' Samokat ', which operates delivery services in Russia, and is a company strongly affected by the situation in Russia. 'We tried our best to keep Buyk's business going, but the war in Ukraine and the associated funding restrictions made it difficult for us to continue,' said James Walker, CEO of Buyk, when announcing the bankruptcy. Russia's invasion of Ukraine and economic sanctions in each country are the causes of bankruptcy.

According to economic media Bloomberg, Buyk had asked express delivery services such as DoorDash, Gorillas and Gopuff to sell their business. However, the transaction was unsuccessful and Buyk fired about 900 employees, leading to bankruptcy.

It has been reported that overseas companies such as McDonald's have withdrawn from Russia in response to economic measures against Russia, but it is clear that the current situation is spreading to related companies based outside Russia.

McDonald's suspends operations in Russia and plans to continue paying salaries to 62,000 employees-GIGAZINE



in Note, Posted by log1o_hf