Boxed.com may be focus of a bidding war
The Boxed.com start-up, which has been dubbed "Costco for millennials," is getting potential funding attention from some big names, including General Mills, according to a New York Post report. Also interested in investing in the New York-based tech company is Bed Bath & Beyond, states the report.
The investment attention, however, may be moot as the Post claims the 4-year-old online retailer is in negotiations to be acquired by Kroger. The asking price could be $500 million, the Post reports, citing a Forbes report.
The news comes as online retailers and brick-and-mortars are striving to serve customers in both channels with fast, easy ordering and delivery. Amazon bought Whole Foods in 2017, to extend its brick-and-mortar grocery strategy.
Also in play is the potential sale of Overstock.com, which Kroger is also apparently considering buying, according to the Post.
"Buying Overstock is a very solid growth strategy if and when Kroger pulls the trigger," said Bill Bishop, co-founder of Bricks Meets Clicks, a consulting firm, told the Post. "This is a land rush right now. They know they need to grow, and it’s difficult to grow in the grocery space."