New York (CNN) A New York-based gaming company is in trouble Silicon Valley Bank It appeals to customers to help keep it afloat.
Camp, a retailer backed by the project, sent an email to customers on Friday announcing it would cut prices and use the sales to help fund its continued operations after much of its cash was tied up in a bank failure.
“Unfortunately, we had most of our company’s cash assets in a bank that just collapsed. I’m sure you’ve heard the news,” co-founder Ben Kaufman said in an email to clients.
He urged customers to use the code “BANKRUN” to save 40% off all merchandise, an apparent reference to the bank run that may have helped bring down the Silicon Valley lender. Camp also said customers can pay full price, which he said would be appreciated.
Kaufman said the company “hopes to sort this out soon.”
CNN has not confirmed whether Camp had money with Silicon Valley Bank when the bank collapsed.
A Silicon Valley bank was placed under the control of the US Federal Deposit Insurance Corporation on Friday, capping a surprising 48-hour period during which fears of a liquidity crunch in the company prompted some startups to consider withdrawing funds.
The sudden collapse of the Silicon Valley lender Technology investors and startups scrambled To find out their financial exposure to the bank, with the founders worrying about getting their money out, making the payroll and covering operating expenses.
The rapidly unfolding fallout at Silicon Valley Bank comes at a difficult moment for the startup and tech industries. Rising interest rates have eroded the easy access to capital that helped fuel the skyrocketing valuations of start-ups and fund both ambitious and loss-making ventures.
Kaufman, a former BuzzFeed executive, founded Camp in 2018. He has nine stores in California, Connecticut, Massachusetts, New York, New Jersey, and Texas.
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