Polished.com To Expects Revenue Reduction In Q1

(RTTNews) - Polished.com Inc. (POL) announced that it expects to restate the first quarter, reflecting a reduction in revenue of $6 million to $8 million and a related reduction in the cost of goods sold of $5 million to $7 million. The company will no longer expect to hit the top-line and bottom-line guidance.

The Board has completed an assessment of the results of the Audit Committee's previously disclosed internal investigation. Polished was charged by its former CEO of about $800,000 for expenses unrelated to the Company.

The content-driven, technology-enabled shopping destination said it has failed to comply with certain legal requirements and put in place enhanced controls to remedy any labor issues.

The company has put in place enhanced controls to remedy its controls, software and procedures for managing and tracking inventory, damaged inventory, which were found to be insufficient.