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FreshDirect is reaching out to potential investors for rescue financing as it seeks to stave off a cash crunch, according to 9fin sources.

The grocery delivery company has been seeking advice from restructuring advisors at AlixPartners, Kirkland & Ellis and Solomon Partners, sources said. It is hoping to line up funding to bridge to a sale process, which could take place in a possible bankruptcy filing, they said.

The development marks a rapid downfall for FreshDirect, which enjoyed strong demand during the pandemic and was acquired by Turkish company Getir late last year.

Backed by high-profile investors including Mubadala and Sequoia Capital, Getir is running into its own financial issues and is attempting to stem losses by exiting the US market and selling assets, which could include FreshDirect.

With grocery bills rising, American consumers are making more trips to different stores to scour deals. Meanwhile, delivery companies are focused on cost cutting and tweaking their business models as grocers set up their own e-commerce services.

Instacart, for one, announced in February that it is laying off about 7% of its staff and focusing on advertising and selling its e-commerce technology to more grocers.

Representatives at FreshDirect and AlixPartners did not respond to requests for comment. Kirkland & Ellis and Solomon declined to comment.

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FreshDirect seeks rescue financing and eyes potential bankruptcy sale

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