Caixin
Jul 29, 2022 09:11 PM
TECH

Chinese Online Grocer Missfresh Shutters Core Business After Failing to Secure a Lifeline

A Missfresh driver on his way to deliver goods in Guangzhou, Guangdong province, June 9. Photo: VCG
A Missfresh driver on his way to deliver goods in Guangzhou, Guangdong province, June 9. Photo: VCG

After waves of job cuts and aborted expansion plans, Chinese online grocery company Missfresh Ltd. has announced it will suspend its mainstay instant-delivery retail business, which accounts for 85% of its revenue, after failing to secure a financial lifeline amid widening losses.

The Nasdaq-listed firm, which this week abruptly sacked most of its workforce, said it took the action “for sustainability.” Missfresh is thought to owe its suppliers more than 1 billion yuan in unpaid debts.

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