Online appliance retailer Polished.com has ceased operations and is preparing for Chapter 7 bankruptcy after its board of directors reviewed all available strategic options.

The NYSE-listed company did not state an exact date, but said the filing would take place as soon as practicable. The filing under Chapter 7 of the Bankruptcy Code means that the company will be liquidating its assets to pay off creditors.

The retailer had been trying to resolve its debt with its lenders and explored multiple options to sustain operations, but was unable to obtain additional financing.

The firm’s shares have been put on hold as a result. According to Best Stocks, its stock price previously fell by more than 57 per cent.

Founded in 1951 and headquartered in Brooklyn, New York, Polished.com sells furnishings, including appliances, furniture, home goods, and related products.

The company previously reported a 46 per cent drop in net sales for the third quarter ended September 30, along with a net loss of $6.6 million.

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