At least one startup retailer says it has found itself enmeshed in the meltdown of Silicon Valley Bank (Santa Clara, Calif.). Camp (New York), a venture-backed retailer, sent an email to customers Friday announcing it was slashing prices and would use sales to help fund its continued operations, as much of its money was tied up in the failed bank, CNN reports.
“Unfortunately, we had most of our company’s cash assets at a bank which just collapsed. I’m sure you’ve heard the news,” Co-Founder Ben Kaufman wrote in an email to customers.
On its website, Camp describes its stores as a “shop/play hybrid experience.” It operates nine stores, including four in New York.
CNN noted that it had not independently confirmed Camp had funds with Silicon Valley Bank when the latter firm collapsed.
Silicon Valley Bank was put under control of the U.S. Federal Deposit Insurance Corp. on Friday, following a two-day period during which fears of a liquidity crisis triggered fears over a “run” on deposits.