SmileDirectClub, the oral care company with the first MedTech platform for teeth straightening, has announced the Company has initiated a swift wind down of its global operations to ‘maximise value for stakeholders’.
The winddown follows the company’s efforts to market the business and implement a comprehensive recapitalisation transaction meant to strengthen its balance sheet and fuel growth initiatives.
A Company spokesperson said: “Despite a robust effort to identify prospective investors and partners to successfully recapitalise the business, we were unable to find a partner willing to infuse the necessary capital for the path ahead given the ongoing difficult macroeconomic climate and the decline in discretionary consumer spend. This is tremendously disappointing and is not the outcome any of us wanted, but the absence of a partner willing to support the recapitalisation 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 helped SmileDirectClub improve over 2 million smiles and lives.”