Polished.com Suspends Operations and Announces Intention to File for Chapter 7 Bankruptcy Protection

2/29/24 4:03:00 PM ET

Home Furnishings

Consumer Discretionary

Get the next $POL alert in real time by email

Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) has suspended its operations. These steps followed a comprehensive review by the Company's Board of Directors of available strategic alternatives, and upon consultation with the members of the Company's management, with the assistance of the Company's legal and financial advisors. The Company anticipates filing a case under the provisions of Chapter 7 of the Bankruptcy Code as soon as practicable.

As recently disclosed, following the Notice of Acceleration from its lenders earlier this month, the Company was working to reach a resolution with its lenders and exploring multiple paths to obtain additional financing to sustain operations. Despite working aggressively to raise capital and improve its liquidity position, the Company was unable to obtain additional financing.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229885336/en/

Get the next $POL alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$POL

Date	Price Target	Rating	Analyst

More analyst ratings

$POL
Press Releases

Fastest customizable press release news feed in the world

Polished.com Suspends Operations and Announces Intention to File for Chapter 7 Bankruptcy Protection
Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) has suspended its operations. These steps followed a comprehensive review by the Company's Board of Directors of available strategic alternatives, and upon consultation with the members of the Company's management, with the assistance of the Company's legal and financial advisors. The Company anticipates filing a case under the provisions of Chapter 7 of the Bankruptcy Code as soon as practicable. As recently disclosed, following the Notice of Acceleration from its lenders earlier this month, the Company was working to reach a resolution with its lenders and exploring multiple paths to obtain additional financing to sustain operat
2/29/24 4:03:00 PM ET
$POL
Home Furnishings
Consumer Discretionary
Polished.com Provides Corporate Updates
Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) today provided the following corporate updates: Update to Previously Issued Guidance for Fiscal Year 2023 The Company now expects net sales between $315 million and $325 million and EBITDA below its previously provided estimate for fiscal year 2023. The Company previously reported that it expected net sales between $330 million and $350 million and low single digit EBITDA margins for fiscal year 2023. The Company's updated guidance reflects sustained pressure on the Company's top line revenue as a result of macroeconomic headwinds continuing to significantly impact consumer discretionary spending. These expectations are made a
2/13/24 11:50:00 AM ET
$POL
Home Furnishings
Consumer Discretionary
Polished.com Announces Voting Results from Annual Meeting of Stockholders
Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) announced the results of the Company's Annual Meeting of Stockholders (the "Annual Meeting"), which was held virtually on January 30, 2024. A total of 1,134,678 shares of the Company's Common Stock were represented in person or by proxy, constituting a quorum. Stockholders voted to re-elect all eight of the Company's nominees to the Board of Directors: Ellery W. Roberts, Houman Akhavan, Ellette A. Anderson, Clark R. Crosnoe, Glyn C. Milburn, James M. Schneider, G. Alan Shaw and Edward J. Tobin. Additionally, stockholders voted to ratify the appointment of Sadler, Gibb & Associates, LLC as the Company's independent registered pub
1/31/24 8:00:00 AM ET
$POL
Home Furnishings
Consumer Discretionary

$POL
Financials

Live finance-specific insights

Polished.com Announces Results for Third Quarter of 2023 and Amendment of Credit Agreement
Receives Extension on Existing Loan Agreement Through November 30, 2024 Provides Updated Guidance for Fiscal Year 2023 Polished.com Inc. (NYSE:POL) ("Polished" or the "Company") today reported financial results for the three months ended September 30, 2023. The Company's 10-Q and additional information can be found on its investor relations website: https://investor.polished.com/financials/sec-filings. Top Metrics – Third Quarter of 2023 Net product sales for the third quarter were $77.8 million, compared to $143.6 million in the prior year period. Gross profit for the quarter was $15.3 million (19.7% margin), compared to $21.1 million (14.7% margin) in the prior year period.
11/20/23 5:15:00 PM ET
$POL
Home Furnishings
Consumer Discretionary
Polished.com Postpones Reporting of Third Quarter 2023 Financial Results
Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) today announced that the Company is postponing its earnings release and conference call for the third quarter ended September 30, 2023, which was previously scheduled for today, November 14, 2023. The Company requires additional time to finalize certain of the disclosures in its quarterly report. At this time, the Company expects to release results and hold an investor conference call on Monday, November 20, 2023. About Polished.com Inc. Polished is raising the bar, delivering a world-class, white-glove shopping experience for home appliances. From the best product selections from top brands to exceptional customer service, we
11/14/23 4:05:00 PM ET
$POL
Home Furnishings
Consumer Discretionary
Polished.com Announces Date for Third Quarter 2023 Earnings Release
Polished.com Inc. (the "Company" or "Polished") (NYSE:POL) today announced that it will report third quarter 2023 earnings results after market close on Tuesday, November 14, 2023. The Company will host an investor conference call at 4:30 p.m. ET on the same day to review its results. This call and all supplemental information can be accessed on Polished.com's investor relations site at https://investor.goedekers.com/overview/default.aspx. The phone number for the investor conference call is 1-844-881-0136 (toll-free) or 1-412-902-6507 (international); please ask to join the Polished.com Q3 2023 Earnings Call. If you are unable to participate during the live call, the call will be rec
11/6/23 4:05:00 PM ET
$POL
Home Furnishings
Consumer Discretionary