Shift Technologies to file voluntary Chapter 11 petition

Shift Technologies announced that it and its subsidiaries intend to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court to implement an orderly wind down of its business. To facilitate the process, the company will utilize cash on hand and cash generated by the liquidation of inventory through wholesale channels to provide the necessary liquidity to support the wind down and closure of operations during the Chapter 11 process. The company’s two locations in Oakland, CA, and Pomona, CA, and the company’s website have ceased operations as of the time of this press release.