US-based grocery delivery provider Buyk is accepting offers from interested providers to acquire its intellectual property (IP), technology and physical assets.

The asset sale process comes after the company filed for relief under Chapter 11 of the US Bankruptcy Code in the Southern District of New York earlier this year.

Buyk suspended its operations after foreign sanctions had interfered with its major sources of funding.

The company has appointed Hilco Fixed Asset Recovery and Sherwood Partners to manage the process.

Buyk’s intangible assets available for purchase include the Buyk enterprise software platform, the domain name, Buyk’s trademark and additional data.

The company said its fully integrated enterprise system supports market development, inventory management, in-store operations, marketing and promotion among other activities.

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Sherwood Partners’ Brad Goldsmith said: “This offering from Buyk is an exciting opportunity for established delivery providers expanding into ultra-fast delivery or for retailers wanting to break into the rapidly growing delivery market.

“Acquiring this IP, established technology and robust enterprise system is a fast-track to market entry or expansion.”

Buyk said that much of its physical assets were purchased last year and remain in the original manufacturers’ packaging.

They were intended to be used in Buyk’s 39 stores before March this year.

Hilco will liquidate the company’s physical assets, which include three warehouses of equipment.

Hilco Fixed Asset Recovery managing director Ed Stepp said: “The fixtures and equipment will provide great value to existing grocery deliver providers, food service businesses, grocery stores, convenience stores and similar businesses, given the breadth and quality of the items for sale.

“We expect that all items for sale will move quickly and interested parties should take advantage of this unique opportunity.”

Buyk launched in New York City and Chicago last year. The company operated a network of 39 stores in the two cities, delivering groceries and essential items within 15 minutes.