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Boxed, which gained attention when it launched as a e-commerce site offering club-style SKUs without requiring a membership in the style of Costco or Sam's Club, yesterday said it "has launched a process to explore strategic alternatives, including, among other alternatives, a possible sale of the Company. In addition, the Company is, in parallel, actively exploring capital raising initiatives, and is targeting the announcement of additional funding within the next 45 days."

The company said that it "does not intend to make further announcements about the strategic alternatives or capital raising processes unless and until the Board has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary."

Scott Moses of Solomon Partners is serving as a financial advisor to Boxed's management as the company explores its options.