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Buyk Accepting Bids for Asset Acquisition

Real-time retail grocery delivery service offers providers a chance to purchase technology assets and unused automation equipment to support company operations

NEW YORK, October 03, 2022--(BUSINESS WIRE)--Buyk, the real-time retail grocery delivery service that launched in New York City and Chicago in 2021, is soliciting offers to acquire its intellectual property, technology and physical assets. Most of the physical assets are brand new and unused, having been purchased in 2021 and intended for use in Buyk’s 39 stores prior to March 2022.

The Buyk business model was designed around automating business processes to facilitate operation and expansion of ultra-fast delivery service. According to this model, the enterprise is powered by a dense network of dark stores, automation-driven store operations and a mobile application for customers.

Buyk announced that it has hired Hilco Fixed Asset Recovery and Sherwood Partners to manage the asset sale process. The assets to be sold in the liquidation process include all intellectual property, technology and physical equipment required to support ultra-fast delivery and are in outstanding condition. Much of the equipment was purchased in 2021, is in brand-new, unused condition and remains in the original manufacturers’ packaging.

Intangible Assets and Intellectual Property

Buyk’s proprietary, real-time, in-house intellectual property and technology differentiates it from competitors. The intangible assets available for sale include the Buyk enterprise software platform, Buyk.com domain name, Buyk’s trademark and additional data.

The standalone, robust, fully integrated enterprise system supports all business function, such as:

  • Market development

  • Inventory management

  • In-store operations

  • Marketing and promotion

  • Customer service and support

  • Customer-facing mobile application

"This offering from Buyk is an exciting opportunity for established delivery providers expanding into ultra-fast delivery or for retailers wanting to break into the rapidly growing delivery market," said Brad Goldsmith of Sherwood Partners. "Acquiring this IP, established technology and robust enterprise system is a fast-track to market entry or expansion."

For more information about Buyk’s technology, contact Brad Goldsmith via email (bgoldsmith@sherwoodpartners.com) or phone (650-732-0875). Interested parties are encouraged to submit bids by Monday, October 10.

Physical Assets

The physical assets that Hilco is liquidating includes three warehouses of equipment. The sale includes millions of dollars of 2021, never-used fixtures and equipment such as multiple two-door Kool-It coolers and freezers, chest freezers, food service NSF epoxy coated shelving, backroom shelving, stocking/pick carts with bins, office furniture and miscellaneous fixtures used in fulfillment centers.

Ed Stepp, managing director of Hilco Fixed Asset Recovery said, "the fixtures and equipment will provide great value to existing grocery deliver providers, food service businesses, grocery stores, convenience stores and similar businesses, given the breadth and quality of the items for sale. We expect that all items for sale will move quickly and interested parties should take advantage of this unique opportunity."

For more information about Buyk’s physical assets, contact Ed Stepp of Hilco Fixed Asset Recovery via email (estepp@hilcoglobal.com) or phone (847-849-2987). Interested parties are encouraged to submit bids by Monday, October 10.

About Buyk

Buyk is a real-time retail grocery delivery service that delivered groceries and essential items to customers’ doorsteps in 15 minutes or faster – with no minimum spend and no delivery fee. Buyk operated a network of 39 stores in New York and Chicago. In March 2022, foreign sanctions interfered with Buyk’s major funding sources, delivering a fatal blow to the company during a critical stage of growth. As a result, Buyk ceased operations and filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

About Hilco Fixed Asset Recovery

HFAR is the nation's premier fixture and equipment liquidation firm with expertise that extends to monetization, project management for service projects, store closeouts, remodels, de-branding and pack-and-ship. HFAR is part of Hilco Merchant Resources (www.hilcomerchantresources.com), which provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and the monetization of furniture, fixtures and equipment. Hilco Merchant Resources is part of the financial services and asset specialist firm Hilco Global, headquartered in Northbrook, IL with 11 offices across the world.

About Sherwood Partners

Sherwood Partners is a financial advisory firm based in Silicon Valley, with offices in New York and Los Angeles. Since 1992, Sherwood has acted as a trusted advisor to businesses undergoing restructuring and challenged situations. Sherwood has worked with over 1,500 businesses to create value for stakeholders and is one of the nation’s leading experts on technology and intellectual property transactions.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "expects," anticipates," "future," "intends," "plans," "believes," estimates," and similar statements. Among other things, the business outlook and statements provided herein about Buyk or the beliefs and expectations of Sherwood Partners or Hilco Fixed Asset Recovery are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Several important factors could cause actual results to differ materially from those contained in any forward-looking statement. Buyk, Sherwood Partners and Hilco Fixed Asset Recovery do not undertake any obligation to update any forward-looking statement except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005677/en/

Contacts

For more information about Buyk’s technology
Brad Goldsmith
bgoldsmith@sherwoodpartners.com
650-732-0875

For more information about Buyk’s physical assets
Ed Stepp of Hilco Fixed Asset Recovery
estepp@hilcoglobal.com
847-849-2987