Polished.com Inc. - POL STOCK NEWS

Polished.com Inc. (NYSE: POL), a shopping destination for home appliances, announced that its Audit Committee approved the engagement of Sadler, Gibb & Associates, LLC as its independent accounting firm for fiscal years 2021 and 2022. This engagement aims to enhance the company's transparency and financial reporting practices. Polished provides a comprehensive shopping experience, focusing on customer service and product selection while offering a 'Love-It-Or-Return-It' policy. Forward-looking statements in the release highlight potential risks and uncertainties affecting future performance.

Polished.com Inc. (NYSE: POL) has announced results from an internal investigation revealing financial misconduct by former management, including $800,000 in unauthorized expenses. The company expects to restate Q1 2022 financials, reporting a revenue reduction of $6 million to $8 million, impacting gross margin and income. A new management team has been appointed to implement enhanced controls and systems, while preparations for a new auditor are underway. Despite challenges, management maintains confidence in growth potential in the U.S. appliance market.

Polished.com Inc. (NYSE: POL) has announced an update regarding the ongoing investigation by its Audit Committee. The committee's independent legal counsel has completed the investigative process, and the Board of Directors is currently evaluating the findings. The Company plans to disclose relevant results promptly. Polished specializes in providing a premium shopping experience for home appliances and has introduced customer-focused policies such as a 30-day return policy and extended warranties to enhance service quality.

Polished.com Inc. (NYSE: POL) has filed a Form 12b-25 with the SEC due to its inability to timely file its Form 10-Q for Q3 2022, ending September 30, 2022. This follows a previous delay concerning the Q2 2022 filing, which is attributed to an ongoing internal investigation into employment and inventory management practices. The Audit Committee is working with independent counsel to conclude this investigation before the financial statements are filed.

Polished.com Inc. (NYSE: POL) has provided updates regarding an internal investigation focusing on employment and inventory management practices from 2021 to present. The Audit Committee aims to complete its investigation by year-end. As of September 30, the company reported a cash position of approximately $26.5 million and has not utilized its $40 million revolving credit facility. Polished faces a compliance challenge due to delayed financial filings, as it could not submit its Form 10-Q for Q2 2022 on time. The NYSE has granted an automatic six-month period for compliance.

Polished.com Inc. has appointed Rick Bunka as interim CEO and Bob Barry as interim CFO, effective immediately. This leadership change follows the resignations of Albert Fouerti, Maria Johnson, and Elie Fouerti. The Board believes Bunka's extensive retail experience and Barry's finance expertise will strengthen the company’s operations. Polished has a track record of profitable growth in the household appliances market, valued at $22 billion, and aims to sustain momentum during this transitional phase.

Polished.com Inc. (NYSE: POL) announced the engagement of a strategic consulting firm to enhance management and identify growth opportunities. The company confirmed it received a notice from the NYSE regarding non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Polished aims to regain compliance within the next 12 months. Despite this notice, the company's securities remain listed and trading on the NYSE American. Polished is dedicated to providing a premium shopping experience for home appliances.

Polished.com Inc. (NYSE: POL) has announced preliminary net sales for Q2 2022, estimating between $145 million and $150 million, though this figure is subject to change. The company continues to show operational momentum, particularly in their B2B segment, securing contracts worth approximately $4.8 million. Updated guidance for FY 2022 forecasts low double-digit growth, but acknowledges challenges from supply chain disruptions and rising costs. Additionally, Polished has filed a Form 12b-25 due to delays in its Q2 earnings release while conducting an internal investigation.

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.