Polished.com suspends operations, plans to file Chapter 7 bankruptcy

By Sarah Lizee

Olympia, Wash., March 1 – Polished.com Inc. has suspended its operations and plans to file Chapter 7 bankruptcy soon, according to a Thursday press release.

The company said that following a notice of acceleration from its lenders in February, it was working to reach a resolution with the lenders and exploring multiple paths to obtain additional financing to sustain operations. However, the company was unable to do so.

The notice of acceleration asserted events of default relating to non-payment of principal and interest due under a credit agreement with Bank of America, NA as administrative agent on Jan. 31.

BofA demanded immediate repayment of all principal and accrued interest, among other amounts. As of Feb. 12, the outstanding principal balance under the credit agreement was $91.25 million.

In a 10-Q filed in November with the Securities and Exchange Commission, the company listed $184.451 million in total liabilities and $238.82 million in total assets. The company had cash and cash equivalents of $19.55 million at the time.

Polished, formerly known as 1847 Goedeker's, is a technology-enabled shopping destination for appliances, furniture and home goods.

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