SmileDirectClub has shut down after filing for bankruptcy, leaving it’s customers in the dark and canceling their lifetime guarantee.
Current customers will not receive new aligners to finish out their treatment, and those who financed their SmileDirectClub plans “are expected to continue to make all monthly payments until payment has been made in full per the terms of our SmilePay program,” the company said.
The dental aligners firm has left many customers seeking refunds. The company said that there will be more information to come “once the bankruptcy process determines next steps and additional measures customers can take.” Consumers are confused and stranded as the Nashville, Tennessee-based firm has shut down. It announced its decision to close down operations late Friday. The virtual telehealth firm used to offer customers dental aligners without them needing to visit a dentist. Some web fans took to social media to announce their confusion and dismay, as some had already paid for the dental aligners and would not be receiving them.
SmileDirectClub was founded in Nashville in 2014. The company sold teeth aligners online at rates much lower than those charged by orthodontists. These dental aligners were sold for $1,850 online as well as in its shops. The company considered itself to be a disruptor as it sold the aligners as cheaper as well as faster alternatives to braces.
SmileDirectClub made its public offering in 2019 and had an $8.9 billion value. It had traded at roughly $18 per share but was later reduced to penny stock.
The dental aligners firm had over two million customers in its almost decade-long term of operations. However, it could not turn a profit and has a debt of $900 million, according to court filings. It also faced litigation and settled earlier in the year.
On Friday, the company announced that its earlier “lifetime smile guarantee” was no longer valid. It was also said that customers who were under payment plans had to continue making payments. It said that refunds would be made after the company determines the steps that will be taken in its bankruptcy.
SmileDirectClub faced a lot of criticism from orthodontists and dental associations. However, it said that its practices had always been above board. It said that licensed professionals had always reviewed the treatments of customers, and the firm had always listed the risks involved.
SmileDirectClub reportedly tried until Friday to infuse fresh funds but was unable to put together a rescue deal, so it filed for bankruptcy.
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