{"id":788866,"date":"2023-10-06T17:51:08","date_gmt":"2023-10-06T21:51:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/shift-technologies-inc-to-file-voluntary-chapter-11-petition\/"},"modified":"2023-10-06T17:51:08","modified_gmt":"2023-10-06T21:51:08","slug":"shift-technologies-inc-to-file-voluntary-chapter-11-petition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shift-technologies-inc-to-file-voluntary-chapter-11-petition\/","title":{"rendered":"Shift Technologies, Inc. to File Voluntary Chapter 11 Petition"},"content":{"rendered":"

\nShift Stores and Website are Closed as Wind Down Commences
\n<\/h2>\n
\n

SAN FRANCISCO, Oct. 06, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel retailer for buying and selling used cars, today announced that it and its subsidiaries (collectively, \u201cthe Company\u201d) intend to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (\u201cChapter 11\u201d) in the United States Bankruptcy Court (\u201cthe Court\u201d) to implement an orderly wind down of its business.\u00a0\u00a0<\/p>\n

To facilitate the process, the Company will utilize cash on hand and cash generated by the liquidation of inventory through wholesale channels to provide the necessary liquidity to support the wind down and closure of operations during the Chapter 11 process.<\/p>\n

The Company\u2019s two locations in Oakland, CA, and Pomona, CA, and the Company’s website have ceased operations as of the time of this press release.\u00a0<\/p>\n

Ayman Moussa, Shift\u2019s Chief Executive Officer, said, \u201cWe deeply value our employees, customers, partners, and the communities in which we have operated. This was not the outcome we had expected or hoped to achieve. This decision follows months of trying to raise capital and restructure the balance sheet to allow the Company to operate unencumbered in this challenging environment. Ultimately, the extensive efforts of our senior leadership team and advisors were not successful. We want to thank all our dedicated employees, customers, and vendors who have supported us over the years.\u201d\u00a0\u00a0<\/p>\n

Additional information will be available at https:\/\/omniagentsolutions.com\/Shift<\/u><\/a> once the case is filed. Stakeholders with questions will be able to contact the Company’s Claims Agent, Omni Agent Solutions, Inc., at ShiftInquiries@omniagnt.com<\/u><\/a>, 888-505-9433 if calling from the U.S. and Canada, or 747-204-5943 if calling from outside the U.S.\u00a0\u00a0<\/p>\n

Keller Benvenutti Kim is serving as legal counsel and AlixPartners is serving as financial advisor.\u00a0<\/p>\n

\n About Shift<\/strong>\n <\/p>\n

Shift is a consumer-centric omnichannel used car retailer. The Company operates the website www.shift.com and two locations in Oakland, CA, and Pomona, CA.<\/p>\n

\n Investor Relations:<\/strong>
\n
\n
\n IR@shift.com<\/u>
\n <\/a>\u00a0<\/p>\n

\n Media Contact:<\/strong>
\n
\n
\n press@shift.com<\/u>
\n <\/a>\u00a0<\/p>\n

Source: Shift Technologies, Inc.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Shift Stores and Website are Closed as Wind Down Commences SAN FRANCISCO, Oct. 06, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel retailer for buying and selling used cars, today announced that it and its subsidiaries (collectively, \u201cthe Company\u201d) intend to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (\u201cChapter 11\u201d) in the United States Bankruptcy Court (\u201cthe Court\u201d) to implement an orderly wind down of its business.\u00a0\u00a0 To facilitate the process, the Company will utilize cash on hand and cash generated by the liquidation of inventory through wholesale channels to provide the necessary liquidity to support the wind down and closure of operations during the Chapter 11 process. The … <\/p>\n

Continue reading “Shift Technologies, Inc. to File Voluntary Chapter 11 Petition”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-788866","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nShift Technologies, Inc. to File Voluntary Chapter 11 Petition - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shift-technologies-inc-to-file-voluntary-chapter-11-petition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shift Technologies, Inc. to File Voluntary Chapter 11 Petition - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Shift Stores and Website are Closed as Wind Down Commences SAN FRANCISCO, Oct. 06, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. 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