Camp, a toy company based in New York, has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat
Camp, 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 after much of its money was tied up in the bank failure. “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 said in an email to customers.
Silicon Valley Bank was put under control of the US Federal Deposit Insurance Corporation on Friday, capping off a stunning 48 hour period during which fears of a liquidity crisis at the firm prompted some startups to weigh withdrawing funds. The sudden collapse of the Silicon Valley lender has pushed tech investors and startups to scramble to figure out their financial exposure to the bank, with founders worrying about getting their money out, making payroll and covering operating expenses.
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Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
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Silicon Valley Bank collapse hits companies such as Camp, Compass CoffeeKids retailer Camp and coffee company Compass Coffee are among businesses that have seen impacts from Silicon Valley Bank getting shut down on Friday.
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Use code 'Bankrun': Camp toy store pleads for help after Silicon Valley Bank collapse | CNN BusinessCamp, a toy company based in New York, has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat
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NYC toy store Camp begs customers for help following Silicon Valley Bank collapseCamp, a New York City-based toy company, is in hot water after getting caught up the sudden collapse of Silicon Valley Bank — and is now pleading with customers for help keeping it afloat.
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Silicon Valley Bank Rocked, Bank Shares PlummetA financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
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Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
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