Thrasio, a startup that raised billions of dollars to buy up consumer brands sold on Amazon, is preparing to file for bankruptcy as it contends with a postpandemic slump in online spending, WSJ Pro Bankruptcy reported. Consulting firm AlixPartners has advised Thrasio in recent years, and Holly Etlin, a veteran retail turnaround professional at the firm, is currently working with the company, the people said. Etlin has often served as a chief restructuring officer at bankrupt retailers, including most recently at Bed Bath & Beyond. The company has been working with law firm Kirkland & Ellis to explore restructuring options. Thrasio in 2021 said it had raised $3.4 billion in total in financing from private-equity sponsors Advent International and Silver Lake and other private-equity and venture-capital firms. At that time, the company said it was on an acquisition tear, snapping up 1.5 business a week. Thrasio was valued at $5 billion to $10 billion as of 2021. But online sellers like Thrasio, known as Amazon aggregators, have been pressured as shoppers have curtailed their online purchases since the height of the COVID-19 pandemic.
