1847 Goedeker Announces Plan to Re-Brand as Polished and Shift to “House of Brands” Model

Rhea-AI Summary

1847 Goedeker Inc. (NYSE American: GOED) is rebranding to Polished, effective July 22, 2022, alongside a shift to a 'house of brands' model. This strategy aims to increase market share in the B2C and B2B sectors, while retaining customer loyalty to its legacy brands, Appliances Connection and Goedeker’s. The Polished brand is expected to drive significant sales over the next 12-18 months and enhance customer shopping experiences. The goal is to achieve $1 billion in annual sales, reflecting the company's commitment to being an ecommerce leader in household appliances.

Positive

• Rebranding to Polished aims to capture significant B2C and B2B market share.
• Shift to a house of brands allows legacy brands to maintain customer loyalty.
• Expectations of Polished to drive substantial sales over the next 12-18 months.
• Goal of $1 billion in targeted annual sales demonstrates ambitious growth plans.

Negative

• None.

Company’s “House of Brands” to Feature Polished While Still Including Appliances Connection and Goedeker’s

Shift Will Position Polished to Capture Significant B2C and B2B Market Share While Enabling Legacy Brands to Maintain Loyal Customers

BROOKLYN, N.Y.--(BUSINESS WIRE)-- 1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the "Company"), a content driven and technology enabled shopping destination for appliances, furniture and home goods in the U.S. household appliances market, today announced that it will soon begin operating under the new parent brand name of Polished and have a new ticker (NYSE American: POL), which is expected to become effective on or about July 22, 2022. The Company’s warrants will trade under the symbol POL WS. In addition, the Company announced it will be shifting to a “house of brands” that continues to utilize the Appliances Connection and Goedeker’s banners preferred by certain legacy customers. This shift represents a significant step in the Company’s rebranding process and reflects leadership’s commitment to becoming the ecommerce leader in household appliances.

The Company plans to formally launch the Polished brand, which will provide customers with a new shopping experience, and its digital assets before the end of 2022. The Company expects that the Polished brand will be the primary banner in the Company’s “house of brands” model and that the Polished banner will be a significant driver of sales over the next 12-18 months. The shift to a “house of brands” model will enable consumers, designers and builders to have greater access to more selection, better price points and personalized assistance.

Albert Fouerti, Chief Executive Officer of Goedeker, commented:

“We are thrilled to be rebranding as Polished, a ‘house of brands’ that will also include the legacy Appliances Connection and Goedeker’s banners. Additionally, we look forward to rolling out the Polished brand, a new shopping experience, in select markets over the coming months. Throughout our rebranding process, we have heard feedback from customers regarding their journey from inspiration to installation. It is our mission to reduce their pain points and deliver assurance and enjoyment throughout every step of their shopping journey. Operating under a ‘house of brands’ will enable us to drive more value for more customers by providing a personalized appliance shopping experience from initial search through delivery and installation. We believe this rebrand is another major step in our transformational journey toward our goal of increased market share and $1 billion in targeted annual sales.”

About Goedeker

Goedeker is a content-driven and technology-enabled shopping destination for appliances, furniture and home goods. Since its acquisition of Appliances Connection, Goedeker has evolved into a growth-oriented ecommerce platform with a distinct offering of core, premium, luxury and private label brands that can be accessed through a convenient point-and-click experience. The Company's priorities include offering an expansive selection, high-touch product expertise and reliable shipping from its expanding, nationwide fulfillment network. Learn more at www.Goedekers.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will", "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company’s control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those described more fully in the section titled "Risk Factors" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005714/en/

Investor Relations

Greg Marose / Ashley Areopagita

ir@goedekers.com

Source: 1847 Goedeker Inc.

FAQ

What is the new ticker symbol for Goedeker after rebranding to Polished?

The new ticker symbol for Goedeker after rebranding will be POL.

When is the rebranding of Goedeker to Polished effective?

The rebranding of Goedeker to Polished is expected to be effective on July 22, 2022.

What does the 'house of brands' model mean for Goedeker?

The 'house of brands' model allows Goedeker to maintain its legacy brands while focusing on the Polished brand to enhance customer experience.

What are the expected sales targets for the Polished brand?

The Polished brand aims to achieve $1 billion in targeted annual sales.

How will the rebranding impact Goedeker's market strategy?

The rebranding and shift to a 'house of brands' strategy aims to enhance market share in both B2C and B2B segments.