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Delivery Service Buyk Files for Bankruptcy

03/21/2022

Ultra-fast delivery service Buyk that commenced operation in September 2021 has filed for Chapter 11 bankruptcy. The company has ceased operations from thirty-nine locations in New York City and Chicago.  Buyk was founded by two Russian entrepreneurs who relinquished direct operational control of the company to James Walker in November 2021.

 

Attributing the failure of the company to "the war in Ukraine and subsequent restrictions in funding" suggests that the enterprise required extensive financial support from Russia that was abruptly terminated following the imposition of sanctions as a result of the invasion of Ukraine.

 

With a business model of questionable profitability given the status of the food-delivery market and the claim of 15-minute execution, one might ask whether the enterprise was in fact intended as a legitimate business or was simply a vehicle to transfer dollar currency from the Russian Federation to the U.S.