By Dean SealPolished.com has slashed its revenue guidance for fiscal 2023, citing pressured consumer spending, and disclosed that regulators are investigating a previous financial restatement it made. The company said macroeconomic headwinds continue to weigh on discretionary spending, pulling its top line lower. The company said it is cooperating with the SEC's investigation. In the same securities filing, Polished.com said it has received a notice late last month from lenders asserting default over nonpayment under a May 2022 credit agreement. The company said it is seeking a resolution with the lenders and will defend against any potential enforcement action they may take.

Source: Wall Street Journal February 13, 2024 17:56 UTC