Bankruptcy-Haunted Missfresh Empties Products and User Balance in App

$TENCENT (00700.HK)$ once supported Chinese retailer $Missfresh (MF.US)$ seems to be on the verge of bankruptcy. All product information on the Missfresh app has been emptied out by the firm, and many user balances now display ‘0’. Regarding this issue, the company responded that there have been some failures in the system servers, and staff are making every effort to recover the data.

Since July 27 of this year, the on-demand Distributed Mini Warehouse (DMW) business of Missfresh has been shut down across China.

In addition to consumers, former employees of the company have also had the problem of safeguarding their rights. Suppliers payments are not looking too rosy either.

As for the remaining business lines of Missfresh, the Bianligou, a vending machine business, has been sold to Shenzhen Daily Convenience Technology at a price of 30 million yuan ($4.38 million), while the smart food market and retail cloud businesses have not seen profits and still need more investment.