Wag! Walking the instant uber-like dog walking and service app is making headlines. According to reports, the company well known for its many problems and claims of walker mistreatment —- filed for Ch 11 bankruptcy this week.
The Lowdown
Bankruptcy proceedings using a fast-tracked process because the company already had a plan in place with their creditors. According to a press release, Wag is transferring control of the company to its senior most creditor Retriever LLC. It is unclear if this means the app will change or remain the same.
The release revealed that the company is using a pre-packaged bankruptcy filing to expedite the process. They plan to be done with the process by September. In terms of their financial outlook, in their filing they noted they had between $10m and $50m in both assets and liabilities.
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