Customers on the SmilePay plan are expected to continue making monthly payments until payment has been made in full.
SmileDirectClub, once valued at $8.9 billion, is shutting down its global operations.
The company's closure follows failed negotiations to save it from Chapter 11 bankruptcy.
SmileDirectClub, a Tennessee-based teeth alignment company, has announced the cessation of its global operations. The company, once valued at $8.9 billion, had been struggling to profitably compete in the market of removable, clear-plastic teeth aligners. Despite efforts to save the company, including negotiations for its founders to provide fresh capital and buy the company out of Chapter 11 bankruptcy, the deal fell through due to lack of support from the company's lender and other creditors.
The company's decision to wind down operations has left many customers in a state of uncertainty. Existing customers are advised to consult with a treating doctor or local dentist for further treatment. However, customers on the SmilePay plan are expected to continue making monthly payments until payment has been made in full. More information on refunds will be provided during the bankruptcy process.
The company's closure has also raised concerns about the number of workers affected by the decision. SmileDirectClub, which had previously received incentives from the state of Tennessee to expand in Nashville, did not provide details on the number of workers affected. The company's aligner treatment and customer care support are no longer available.
SmileDirectClub's journey has been fraught with challenges, including regulatory hurdles, patent fights, and accusations of false advertising and FDA violations. The company's stock price has declined since its IPO in 2019, and it has experienced significant financial difficulties since then.
The company, which had previously received incentives from the state of Tennessee to expand in Nashville, did not provide details on the number of workers affected by the decision.
Existing customers are advised to consult with a treating doctor or local dentist for further treatment, and more information on refunds will be provided during the bankruptcy process.
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The company's aligner treatment and customer care support are no longer available, but customers on the SmilePay plan are expected to continue making monthly payments until payment has been made in full.
