Mattress Tub & Past’s rocky experience to chapter submitting
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS
(Reuters) – Mattress Tub & Past Inc filed for Chapter 11 chapter safety on Sunday after the house items retailer did not safe funds to remain afloat.
In March, the corporate stated it will promote $300 million value of its shares to boost extra capital and might need to file for chapter if it did not safe the funds.
Here is a take a look at among the main developments on the retailer over the previous yr:
Date Improvement
March 7, GameStop Chairman Ryan Cohen discloses a close to
2022 10% stake within the firm and says he desires the
retailer to discover strategic options that
embrace a full sale.
March 25, Mattress Tub & Past and Cohen attain a settlement
2022 the place three new administrators will be a part of the
firm’s board and it’ll search for
options for its buybuy Child unit.
April 13, The corporate reviews a shock quarterly loss on
2022 a 22% stoop in gross sales, which it blames on
supply-chain points and falling retailer visitors.
June 29, The corporate replaces Chief Govt Officer
2022 Mark Tritton as a part of a administration shake-up to
reverse a stoop in its enterprise.
Aug. 16, Shares of the corporate leap almost 30%; analysts
2022 level to a brief squeeze on the meme inventory.
Aug. 18, The corporate’s inventory plunges after a regulatory
2022 submitting reveals that Cohen exited his place in
the corporate.
Aug. 31, Mattress Tub & Past secures greater than $500 million
2022 in financing, pauses plans to promote buybuy Child,
publicizes plans to shut 150 shops, reduce jobs
and overhaul its merchandising technique.
Sept. 04, Chief Monetary Officer Gustavo Arnal falls to
2022 his loss of life from New York’s Tribeca skyscraper, in
what was later dominated a suicide.
Sept. 29, The corporate says it’s seeing early indicators that
2022 efforts to clear extra stock are working
and it expects its money movement to interrupt even in
the fourth quarter.
Oct. 26, Interim CEO Sue Gove will maintain the function
2022 completely, the corporate says.
Jan. 05, Mattress Tub & Past is making ready to hunt
2023 chapter safety in coming weeks, sources
inform Reuters, after the corporate raises doubts
about its potential to proceed as a going
concern.
Jan. 10, The corporate reviews a a lot wider-than-expected
2023 quarterly loss and gross sales that plunged by a
third, failing to halt the months-long money burn
that led to warnings of a attainable chapter.
Jan. 10, Mattress Tub & Past says it will lay off extra
2023 staff in an try to cut back prices.
Jan. 11, Shares of the retailer surge 69% after which
2023 one other 20% after the bell, as particular person
buyers piled in, extending inventory’s rebound
from multi-decade lows hit earlier and reviving
a rally in different meme shares.
Jan. 18, CNBC reviews that the corporate has been in talks
2023 with potential patrons and lenders.
Jan. 26, Mattress Tub & Past says it obtained a discover of
2023 default on its mortgage from JPMorgan Chase Financial institution
N.A., triggering a 22% stoop in its shares.
Jan. 27, Bloomberg Information reviews the corporate’s efforts to
2023 discover a purchaser forward of a possible chapter submitting
have stalled.
Jan. 30, Reuters reviews the corporate is in search of
2023 chapter safety as quickly as this week, and
negotiating a mortgage with funding agency Sixth
Avenue.
Feb. 6, Firm says in a submitting that it plans to boost
2023 about $1 billion via an providing of
most popular inventory and warrants in a transfer to stave
off chapter.
Feb. 7, Retailer says it raised about $225 million in an
2023 fairness providing and should get one other $800 million
over the subsequent 10 months.
Feb. 10, A courtroom submitting posted on the web site of
2023 consultancy Alvarez & Marsal reveals the corporate
will wind down its operations in Canada.
March 8, Firm says it raised one other $135 million in
2023 an fairness providing and was within the means of
rebuilding its enterprise.
March 17, Retailer was in search of shareholder approval for a
2023 reverse inventory cut up within the vary of 1-for-5 to
1-for-10.
March 30, Firm publicizes plans to promote $300 million
2023 value of its shares and as soon as once more warned it
may possible need to file for chapter.
It additionally terminated its earlier providing of
most popular inventory and warrants.
April 5, Mattress Tub’s board urges shareholders to approve
2023 the reverse inventory cut up and says if the plan
fails, chapter can be imminent.
April 19, The corporate is making ready to file for chapter
2023 as early because the weekend, the Wall Avenue Journal
reviews, citing folks acquainted with the matter.
April 23, The corporate information for Chapter 11 chapter
2023 safety.
(Reporting by Granth Vanaik, Ananya Mariam Rajesh in Bengaluru and Anirudh Saligrama; Modifying by Shinjini Ganguli, Subhranshu Sahu and Devika Syamnath)
