- This is Riz Hatten with the Becker
Dental CSO podcast.
Here's your daily industry news briefing for today.
December 11th, televis Industry Company's
SmileDirect Club is shutting down.
After efforts to recapitalize the business failed
the company filed for bankruptcy in October
and an effort to fund short and long-term growth.
Its founders committed to investing at least $20 million,
but the company was unable
to secure additional investors due
to macroeconomic challenges
and a decline in discretionary consumer spending.
A spokesperson for the company said in the December 8th
news release quote.
This is tremendously disappointing
and it's not the outcome any of us wanted.
But absent a partner willing to support the recapitalization
or a similar transaction,
there is no other viable path at this time.
We are incredibly grateful to our passionate
and skilled team members whose hard work
and commitment helps SmileDirectClub improve over
2 million smiles in lives.
And quote, the company stated on its website
that it would begin winding down its global operations
immediately and that it would no longer be offering
its solid dentistry services.
The company also said it is unable to provide support
to its existing customers,
but that more information about refunds would become
available once the next steps are determined.
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