Mattress Tub & Past’s rocky experience to chapter submitting


(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


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


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


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)

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