America’s Car-Mart has already closed 60 dealerships since November in three separate moves that leadership said was, “because they are the right thing to do for the long-term health of this business.”

But if the buy-here, pay-here operation doesn’t secure new financing by the close of business on Friday, Car-Mart might not have a car retailing and financing operation at all.

In a filing with the Securities and Exchange Commission, Car-Mart confirmed that it received confirmation on June 1 from Silver Point Finance.

According to the filing, Silver Point Finance is acting on behalf of the agents and the lenders under the credit and guaranty agreement dated as of Oct. 30, 2025.

The filing said that prior to Monday, the agent and lenders would not exercise any remedies (including, without limitation, the accelerations of any obligations) under the credit agreement as a result of actual or anticipated defaults or events of defaults under the credit agreement.

Last Friday, the filing showed Car-Mart requested and the agent and lenders agreed to extend the period covered by the lender forbearance through this Friday.

According to the filing: “The anticipated defaults and events of default relate to the borrowers’ expected failure to satisfy certain financial covenants and reporting obligations under the credit agreement, specifically the financial covenants in Section 6.15(a) (minimum liquidity) and Section 6.15(b) (minimum collateral coverage ratio), the reporting covenants in Section 5.1(k) (borrowing base reports) and Section 5.1(l) (liquidity reports), and Section 2.5(e) of the credit agreement. The lender forbearance provides that the agents and the lenders have not waived and are not waiving any default or event of default under the credit agreement or any other credit document, and that all rights, remedies, powers, privileges and defenses of the agents and the lenders are fully reserved.

“From and after the expiration of the applicable standstill period, the agents and the lenders are entitled to exercise any and all rights and remedies available to them.”

Car-Mart also shared in the filing that it formed a special committee of its board of directors — composed of chair Adam Paul, Joshua Welch, and Jonathan Buba — who are overseeing the company’s evaluation of strategic alternatives, including potential financing, recapitalization, restructuring, mergers and acquisitions, and other strategic transactions.

The company indicated Houlihan Lokey Capital and FTI Consulting are serving as the Car-Mart’s financial advisors in connection with these efforts.

“The company is working constructively with its lenders and advisors to achieve a sustainable capital structure, including a potential amendment to the credit agreement and other potential strategic transactions. There can be no assurance that these discussions or processes will result in any definitive agreement or transaction,” Car-Mart said in the filing.

It’s been quite a season of turmoil for the company that’s based in Rogers, Ark., and has had a notable presence in Arkansas, Oklahoma, Texas and other parts of the Southeast and Midwest.

April 14 marked the end of the road at 42 dealerships operated by Car-Mart.

At that time, Car-Mart president and CEO Doug Campbell explained in a letter to shareholders that the company shuttered 31% of its store footprint that impacted about 18% of its outstanding customer base that is part of its $1.5 billion portfolio of outstanding receivables.

“We did not make this decision lightly and are taking these steps because they are the right thing to do for the long-term health of this business,” Campbell said in that letter about the move approved by Car-Mart’s board on April 7. “Our approach is to preserve liquidity and protect the runway this business needs to reach a sustainable outcome. This includes carrying less inventory than we would in a normalized operating environment and tightening underwriting standards, both of which will result in reduced origination volumes in the near term.

“We will continue to evaluate our entire store portfolio and will take additional action where needed,” he continued. “These are deliberate trade-offs designed to responsibly manage our capital position until additional financing is secured.”

In January, Car-Mart wound down operations at 13 locations after beginning a footprint reduction in November.