NEW YORK - Polished.com Inc. (NYSE American: POL), an online retailer, has ceased its operations and is preparing to file for Chapter 7 bankruptcy. This decision comes after an exhaustive review of strategic alternatives by the company's Board of Directors and consultations with management, alongside legal and financial advisors.
The move follows a recent Notice of Acceleration from the company's lenders, which prompted efforts to secure additional financing and explore various options to continue operations. Despite aggressive attempts to raise capital and improve liquidity, Polished.com was unable to secure the necessary funding to sustain its business.
The company, which is listed on the NYSE American exchange, has not specified a date for the bankruptcy filing but indicated it would occur as soon as possible. The filing under Chapter 7 of the Bankruptcy Code means that the company will be liquidating its assets to pay off creditors.
This suspension of operations represents a significant step for Polished.com, which had been actively seeking solutions to its financial challenges earlier this month. The inability to obtain additional financing has led to this juncture, underscoring the difficulties the company faced in a bid to remain afloat.
The information regarding the company's operational halt and impending bankruptcy filing is based on a press release statement. No further details have been provided at this time regarding the implications for employees, customers, or investors. Polished.com's future, pending the bankruptcy proceedings, remains uncertain as the company navigates through this process.
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