(Updates with share move starting in headline)
Shift Technologies plunges 85% postmarket Friday after saying it intends to file a voluntary petition for relief under Chapter 11 to implement an orderly wind down of its business.
- The used car retailer will utilize cash on hand and cash generated by the liquidation of inventory to provide the necessary liquidity to support the wind down and closure of operations
- The company’s two California locations and website have ceased operations
- NOTE: As of Friday’s close, shares of SFT had lost 72% over preceding 12 months
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