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, an online wine subscription service aimed at millennials that went public on the last year, has filed for bankruptcy protection, according to multiple media reports. Shares of the Santa Monica, California-based company have declined 98% since its stock market debut.

Winc was founded in 2012 as Club W. The company, which sends customers customized wine shipments based on their tastes, raised a total of $54.2 million from venture investors including , and , according to SA¹ú¼Ê´«Ã½ data. 

It raised another $22 million in its November 2021 IPO amid a spike on online alcohol sales during the pandemic. Its market capitalization has hovered around $3.6 million lately — a fraction of its most recent private valuation of $112.3 million in late 2019.

Winc filed for Chapter 11 bankruptcy protection — which allows a company to keep operating as it reorganizes — listing $50.3 million in assets and $36.8 million in liabilities. The company generated $72.1 million in revenue last year, but never turned a profit.

Its largest unsecured creditor listed in bankruptcy filings, , is Facebook parent , which is owed $724,000, presumably for online advertising.

Shares of consumer brands have been particularly hard hit this year amid stock market turmoil. Among them:

• Shares of ​​, ’s consumer goods brand, have fallen about 84% since its May 2021 IPO.
• Oat-milk maker went public in May 2021. Its shares are trading down about 93% since then.
• , a second-hand clothing marketplace, went public in early 2021. Its shares are down about 79% since then.
• , another used-clothing marketplace, has seen its shares decline 94% since its March 2021 IPO.
• , which makes medical scrubs, went public in May 2021. Its shares are down about 76% since then.
• Shares of clothing rental service are down roughly 92% since the company’s October 2021 public market debut.

Related reading:

• These Are The Tech Companies That Went Public In 2021, A Record Year For IPOs

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