Another appliance company now files an unexpected bankruptcy after troubling signs began when the company filed its 2023 results late.
In that brief report, the company also said that its creditors were clearly concerned.
“The company has received a Notice of Acceleration from its lenders asserting certain events of default relating to non-payment of certain principal and interest amounts and fees due and payable under the May 9, 2022 Credit Agreement on January 31, 2024,” Polished said.
Polished operated traditional physical stores that sold appliances, furniture, and home goods.
At the time, the company said it was working to reach a resolution and would “pursue a defense to any potential enforcement action taken by the lenders.”
Those efforts did not work and the company has now filed for Chapter 7 liquidation, reports TheStreet.
“Polished.com Inc. 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 said in a brief news release.
The filing has not been made but the company expects to formally file for Chapter 7 bankruptcy “as soon as practicable.”
The status of unfulfilled orders is currently unclear.
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Also Read: This Massive Grocery Store Is Now Shutting Its Doors Soon
Other Economy News Today
This bankrupt clothing retailer is now having a massive sale of up to 90% off as it sets to close a major location.
Soft Surroundings, a women’s clothing retailer, is officially closing one of its stores in Kansas City, Kansas, reports The-Sun.
Located in the Country Club Plaza, the store has been in operation for 12 years.
An employee confirmed on Monday that the store’s last day of operation will be Sunday, February 25.
Shoppers will be able to score a whopping 70% to 90% off on inventory at the store through Sunday.
The clothing chain had over 40 stores across the US before it filed for bankruptcy last year.
All Soft Surroundings stores have either closed down or are in the process of getting shut down.
The company will still conduct direct-to-consumer business online via its website, which the apparel company Coldwater Creek acquired as part of the bankruptcy process.
Another popular fashion and clothing retailer, Rent the Runway, is also on the verge of filing for bankruptcy.
The clothing rental service has struggled with a variety of business operations, such as meeting customer demand and maintaining its active subscriber count, according to PYMNTS.
A report from CreditRiskMonitor revealed that the e-commerce platform has a 9.99% to 50% chance of filing for bankruptcy this year.
In an effort to revitalize the company, Rent the Runway executives formulated a restructuring plan that involves cutting 10% of its corporate roles, or 37 employees.
“With already strong unit economics and high margins, this new structure is designed to set the stage for the business to achieve free cash flow breakeven in fiscal 2024,” said the company.
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Also Read: A Cosmetics Company Now Makes Painful Store Closures
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