Shift Technologies said it would file a petition for chapter 11 protection as it winds down its business, MarketWatch.com reported. The San Francisco-based used-car retailer said Friday it would use cash on hand and proceeds from selling off inventory to support shutting down operations during bankruptcy. Shift said on its website and two locations in Oakland, Calif., and Pomona, Calif., have stopped operations. Chief Executive Ayman Moussa said the company attempted to raise funds and restructure to allow for continuing operations, but those efforts were unsuccessful. "This was not the outcome we had expected or hoped to achieve," Moussa said. The company announced a restructuring in July, reducing 34% of its workforce, to cut costs and extend its cash runway.
