One of the renowned online grocery platforms, HappyFresh just announced its official departure from the Malaysian market. The company, which has over 850 employees announced today on its Facebook page that it will be stopping all of its operations, effective immediately.
In its Facebook post, the company expresses their deep gratitude to users for supporting its service over the past seven years and indescribable joy for all the HappyFresheers who have dedicatedly delivered the groceries to the customers.
The online grocer abruptly halted its delivery services earlier this month, with no reason given beyond the fact that the company was facing a financial crisis. In the same post, the company further confirmed this statement by saying that they have no other choice but to end the operations due to the current economic condition.
It appears that difficulties had arisen for the company and that it was in the midst of a restructuring effort to deal with its growing debt. Moreover, it is reported that HappyFresh has appointed turnaround consultancy Alvarez & Marsal Holdings and is conducting an assessment of the company’s financial status after it struggled to secure additional funding to sustain its operations.
In regard to this HappyFresh announcement, we wish the company the best of luck for the future!
