Shift Yearly Plan

Shift Technologies Shares Plunge 86% After Company Declares Bankruptcy

By Ben Glickman

Shares of Shift Technologies fell sharply Friday after the company said it was seeking bankruptcy protections as it winds down operations.

The stock was down 86% to 27 cents in after-hours trading, after rising 7.3% at Friday’s close.

The San Francisco-based used-car retailer said late Friday it would file a Chapter 11 petition. The company said it had shut down its website and two locations in California.

Shift said it plans to use cash on hand and funds from selling off inventory to support the wind-down. The bankruptcy filing follows attempts to restructure and raise funding, which Chief Executive Ayman Moussa said were unsuccessful.

Write to Ben Glickman at [email protected]