Peapod, the Skokie, IL-based online grocer, has secured $30 million in additional financing from its majority stakeholder, Royal Ahold, which owns Stop & Shop, tops Market, and Giant. By increasing the financial commitment from $20 million to $50 million, Royal Ahold gave Peapod's cash reserves more than $60 million. Peapod announced last week that it would run out of cash by the end of the year.
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Peapod, the Skokie, IL-based online grocer, has secured $30 million in additional financing from its majority stakeholder, Royal Ahold, which owns Stop & Shop, tops Market, and Giant.
By increasing the financial commitment from $20 million to $50 million, Royal Ahold gave Peapod's cash reserves more than $60 million. Peapod announced last week that it would run out of cash by the end of the year.
The company was saved by bankruptcy last year when Royal Ahold bought a majority stakes for $73.5 million.
