Teledentistry company SmileDirectClub is shutting down after efforts to recapitalize the business failed.
The company filed for bankruptcy in October in an effort to fund short- and long-term growth. Its founders committed to investing at least $20 million, but the company was unable to secure additional investors due to macroeconomic challenges and a decline in discretionary consumer spending.
"This is tremendously disappointing and is not the outcome any of us wanted, but absent a partner willing to support the recapitalization or a similar transaction, there is no other viable path at this time," a spokesperson for the company said in a Dec. 8 news release. "We are incredibly grateful to our passionate and skilled team members, whose hard work and commitment helped SmileDirectClub improve over 2 million smiles and lives."
The company stated on its website that it would begin winding down its global operations immediately and that it would no longer be offering its teledentistry services. The company also said it is unable to provide support to its existing customers but that more information about refunds would become available once next steps are determined.