Appoints Rick Bunka, Who Possesses Extensive
Retail and E-Commerce Experience, as Interim CEO, and Bob Barry,
Who Brings Institutional Knowledge and Strong Finance Expertise, as
Interim CFO
Highlights Company’s Track Record of
Profitable Growth and Strong Go-Forward Positioning in the
Household Appliances Market
Polished.com Inc. (NYSE: POL) (formerly known as 1847 Goedeker
Inc.) (“Polished” or the “Company”), a content driven and
technology enabled shopping destination for appliances, furniture
and home goods in the U.S. household appliances market, today
announced the appointments of John “Rick” Bunka as interim Chief
Executive Officer (“CEO”) and Robert “Bob” Barry as interim Chief
Financial Officer (“CFO”), effective immediately.
In connection with the appointments, the Company also announced
that it has accepted the resignations of Albert Fouerti, Maria
Johnson and Elie Fouerti, effective immediately. Albert Fouerti
remains a member of the Company’s Board of Directors (the
“Board”).
Ellery Roberts, Executive Chairman, commented:
“The Board firmly believes that Polished can deliver significant
long-term value for customers, strategic partners and stockholders.
Over the past 18 months, the Company has consistently grown in a
profitable manner and established a strong position in the
expansive market for home appliances. As we move forward, Rick and
Bob can help us sustain momentum while strengthening our foundation
and operations. Rick is an accomplished executive with significant
experience in the retail and e-commerce sectors. Bob is a
high-integrity finance leader with institutional knowledge of our
business and the home appliances market. We believe they are the
right leaders for helping Polished navigate a transitional period
and, ultimately, mature as an organization.”
Mr. Bunka, interim Chief Executive Officer, added:
“I am very excited to assume the role of interim Chief Executive
Officer and help build on the foundation that exists at Polished.
The Company has a strong growth trajectory and many of the
ingredients for sustained success, including an extensive product
catalog, proven ecommerce capabilities and unique value proposition
in a $22 billion total addressable market. There are many talented
executives and employees across the organization. I look forward to
helping the business enhance its operations, grow its customer base
and produce enhanced value for stockholders.”
New Executive Biographies
- Rick Bunka has extensive executive
leadership experience in the retail and e-commerce sectors,
including holding senior roles at public and private companies with
national footprints and strong growth trajectories. Mr. Bunka has
developed highly regarded expertise in Hardline, Softline and
Specialty retailing over a career spanning three decades. In 2019,
Mr. Bunka co-founded Park North Capital, LLC, a merchant bank that
services companies seeking to optimize their growth, capital
structures, liquidity and operations. He is also the President of
Point North LLC, a business advisory service, through which he
served in an advisory role to Polished when it was known as 1847
Goedeker Inc. Formerly, Mr. Bunka held the position of President
and Chief Executive Officer of Dots. Over his 15-year tenure at
Dots, Mr. Bunka led a transformation of the regional close out
retailer into a national specialty women’s brand with more than 400
stores across 28 states. He also spearheaded sale and liquidity
processes that ultimately led to an outright sale of the business
to a global private equity fund. Early in his career, he was a
Management Consultant at PriceWaterhouse, specializing in strategic
planning, merchandising and organizational development in the
retail and service sectors.
- Bob Barry is a proven executive
and corporate director with demonstrated expertise across the
retail sector and other consumer-facing industries. He was
previously the Chief Accounting Officer of Polished when it was
known as 1847 Goedeker Inc. Earlier in his career, Mr. Barry was
Chief Executive Officer and Chief Financial Officer of Pawn Plus
Inc., a chain of retail pawn stores. Prior to that, Mr. Barry
served as Executive Vice President and Chief Financial Officer of
Regional Management Corp. (NYSE: RM), a consumer loan business
based in Greenville, South Carolina for several years. Prior to
joining Regional Management Corp., he held various executive roles
that include Executive Vice President and Chief Financial Officer
for Regional Acceptance Corporation (NASDAQ: REGA) and Financial
Institutions Partner at KPMG LLP. Mr. Barry is a Certified Public
Accountant and also serves on the Board of Directors of 1847
Holdings LLC.
Recap Of Corporate Developments
Polished announced on August 15, 2022 that it filed a Form
12b-25 with the U.S. Securities and Exchange Commission (“SEC”) due
to its inability to file its Form 10-Q for its second quarter of
fiscal year 2022, which ended June 30, 2022. As noted in the Form
12b-25, the Board’s Audit Committee, with the assistance of
independent legal counsel and consultants, is carrying out an
internal investigation regarding certain allegations made by
certain former employees related to the Company’s business
operations. The Company continues to expect to complete the
investigation in the coming months. As a result of the additional
time required to complete the investigation, the Company’s process
of finalizing financial statements for the second quarter could not
be completed on a timely basis.
Additionally, Polished disclosed on August 25, 2022 that it
received a notice from the New York Stock Exchange (“NYSE”),
indicating that because the Company did not timely file its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022
(the “Form 10-Q”), it is not in compliance with the continued
listing requirements under the timely filing criteria established
in the NYSE American Company Guide. Under Section 1007 of the NYSE
American Company Guide, Polished could be granted up to 12 months
to cure the later filer delinquency. An initial six-month period to
regain compliance is automatic and an additional six months is only
granted upon request by the Company and approval by the NYSE. The
NYSE notice has no immediate impact on the listing or trading of
the Company’s securities on the NYSE American. The Company intends
to regain compliance with the NYSE listing standards by filing its
Form 10-Q with the SEC as soon as reasonably practicable.
ABOUT POLISHED
Polished is raising the bar, delivering a world-class,
white-glove shopping experience for home appliances. From the best
product selections from top brands to exceptional customer service,
we are simplifying the purchasing process and empowering consumers
as we provide a polished experience, from inspiration to
installation. A product expert helps customers get inspired and
imagine the space they want, then shares fresh ideas, unbiased
recommendations and excellent deals to suit the project's budget
and style. The goal is peace of mind when it comes to new
appliances. Polished perks include its "Love-It-Or-Return-It"
30-day policy, extended warranties, the ability to arrange for
delivery and installation at your convenience and other special
offers. Learn more at www.Polished.com.
FORWARD LOOKING
STATEMENTS
This press release contains "forward-looking statements" that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as "anticipate," "believe," "contemplate," "could,"
"estimate," "expect," "intend," "seek," "may," "might," "plan,"
"potential," "predict," "project," "target," "aim," "should,"
"will", "would," or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company's
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors,
which are, in some cases, beyond the Company’s control and which
could materially affect results. Factors that may cause actual
results to differ materially from current expectations include,
among other things, those described more fully in the section
titled "Risk Factors" of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021, and Quarterly Report on Form
10-Q for the quarter ended March 31, 2022, filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221014005472/en/
Ashley Areopagita / Aaron Rabinovich ir@polished.com
PolyOne (NYSE:POL)
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