3D printing service Shapeways has filed for Chapter 7 bankruptcy. On July 2, 2024, Shapeways Holdings, Inc. and its subsidiaries submitted a voluntary petition in the U.S. Bankruptcy Court for the District of Delaware. This filing signals the end of Shapeways’ operations, with a trustee to oversee the liquidation of its assets and schedule an initial hearing for creditors.
The bankruptcy filing caused defaults on several debt obligations, including a $669,500 secured promissory note with 3DP Custom Manufacture, LLC. This debt, entered into on June 10, 2024, had an interest rate tied to the one-month SOFR plus 6% and was due on July 5, 2024. The funds were earmarked exclusively for payroll obligations, reflecting Shapeways’ dire financial state before the bankruptcy.
Alongside the bankruptcy filing, the entire executive team and board of directors resigned. CEO Greg Kress, CFO Alberto Recchi, COO Andy Nied, and directors Leslie C.G. Campbell, Raj Batra, Ryan Kearny, Christine Gorjanc, Josh Wolfe, and Greg Kress stepped down. These resignations were attributed to the bankruptcy and not to any disputes over company operations or policies.
Founded in 2007, Shapeways initially thrived by providing high-quality, customizable 3D printed products. Despite its early success and a 2021 public listing through a merger with Galileo Acquisition Corp, the company struggled to sustain growth, leading to significant financial losses by 2023.