Some Retailers See Setbacks From Silicon Valley Bank Collapse

Some retail organizations are seeing significant setbacks as a result of the collapse of Silicon Valley Bank (SVB). Toy e-commerce startup Camp, for example, sent an email to customers on March 10 that said it was slashing prices and would use the sales to help fund its continued operations after much of its money was tied up in the bank failure, according to a CNN report. In the email, from Camp Co-Founder Ben Kaufman, customers were asked to use the code “BANKRUN” to save 40 percent on all merchandise. Camp also said customers could pay full price, which it said would be appreciated. The move was aimed at helping Camp generate enough cash to maintain operations until it regained access to the money it had kept with the now-defunct SVB.

Article By: Melissa Campanelli, Total Retail