The fallout from the Silicon Valley Bank collapse is already being felt by brands. Hours after news broke that the bank, a known lender to many tech brands, was out of money, one retail chain let customers know that it, too, had no cash on hand.
Camp, a popular children’s retailer, emailed its customers with a desperate plea for help on Friday afternoon. Signed by Co-founder Ben Kaufman, the former chief marketing officer of Buzzfeed, the email read, “Unfortunately, we had most of our company’s cash assets at a bank which just collapsed. I’m sure you’ve heard the news. We are hopeful that this will be resolved soon, but in the meantime we are turning to you, our most valuable customers, to help us.”