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Home Business & Finance SoftBank-backed Brandless shuts its doors for good – TechCrunch

SoftBank-backed Brandless shuts its doors for good – TechCrunch

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It was a roller coaster ride — a short one. In a statement provided to the news outlet Protocol, the company cited a “fiercely competitive” retail market. As part of its shut-down, company will reportedly lay off 70 employees, with 10 staying aboard to resolve outstanding orders and presumably figure out how to sell its remaining assets. […] In July of 2018, Brandless announced that SoftBank’s $100 billion Vision Fund had invested $240 million in the company in a deal that valued Brandless at a little over $500 million. […] It’s also worth noting that of the $240 million in SoftBank dollars announced in 2018, only half that amount appears to have made it Brandless. According to a report last year in The Information, SoftBank, eager to see Brandless turn a profit, was providing some of its promised funding to Brandless via installments and was holding back a final $100 million until the company met certain financial targets.