Starry, a wireless internet service provider, has filed for bankruptcy protection under Chapter 11 in Delaware. The company, which was founded in 2014 and is based in Boston, provides high-speed internet to customers in several major cities in the US.
The move to file for bankruptcy comes after the company faced several challenges, including funding issues and a lack of profitability. Starry CEO Chet Kanojia said in a statement that the company had been exploring strategic alternatives and that the bankruptcy filing would help Starry continue to operate while it works to restructure and address its financial challenges.
Starry’s bankruptcy filing is not unexpected, as the company has been struggling to grow its customer base and generate profits in the highly competitive internet service provider industry. However, the company has gained a reputation for offering innovative technology, such as its use of millimeter wave spectrum to deliver high-speed internet without the need for cables or fiber optic lines.
Starry’s bankruptcy filing will likely be closely watched by industry analysts and competitors as a sign of the challenges facing wireless internet service providers in the US. It may also prompt other companies in the industry to consider similar strategies to address their own financial difficulties.
Despite its financial troubles, Starry has pledged to continue providing its customers with high-quality service, and has stated that it does not plan to discontinue operations as a result of the bankruptcy filing. The company has also expressed optimism about its future prospects, and has said that it is committed to investing in new technology and expanding its reach to more customers in the coming years.
