Posted 10/2/2023, 2:52:14 PM
SmileDirectClub Faces Liquidation in 2 Months If No Buyer Found, 4 Years After $1.35B IPO
- SmileDirectClub faces liquidation if it can't find a buyer within 2 months according to court papers
- The company filed for Chapter 11 bankruptcy just 4 years after a $1.35 billion IPO
- It hasn't turned a profit since going public and recently lost a legal battle with a rival
- Founders are lending at least $20 million to fund search for a rescuer
- SmileDirectClub sells low-cost teeth alignment treatments, with 70% of customers using its financing program