Mattress Tub & Past’s roller-coaster journey to potential chapter 

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(Reuters) – Mattress Tub & Past Inc has managed to remain afloat for now after elevating money to fund its operations.

The corporate, which was on the verge of submitting for chapter, discovered non permanent aid on Tuesday after it raised about $225 million in an fairness providing and mentioned it’d get one other $800 million over the following 10 months.

The house items retailer will, nevertheless, wind down its operations in Canada, a courtroom submitting posted on the web site of consultancy Alvarez & Marsal confirmed on Friday.

Here is a take a look at among the main developments on the retailer over the previous 12 months:

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 studies a shock quarterly loss on

2022 a 22% droop in gross sales, which it blames on

supply-chain points and falling retailer site visitors.

June 29, The corporate replaces Chief Government Officer

2022 Mark Tritton as a part of a administration shake-up to

reverse a droop in its enterprise.

Aug. 16, Shares of the corporate bounce 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,

proclaims plans to shut 150 shops, minimize jobs

and overhaul its merchandising technique.

Sept. 04, Chief Monetary Officer Gustavo Arnal falls to

2022 his dying 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 stream to interrupt even in

the fourth quarter.

Oct. 26, Interim CEO Sue Gove will preserve the function

2022 completely, the corporate proclaims.

Jan. 05, Mattress Tub & Past is getting ready to hunt

2023 chapter safety in coming weeks, sources

inform Reuters, after the corporate raises doubts

about its skill to proceed as a going

concern.

Jan. 10, The corporate studies 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 doable chapter.

Jan. 10, Mattress Tub & Past says it might lay off extra

2023 staff in an try to scale 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 studies that the corporate has been in talks

2023 with potential consumers 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% droop in its shares.

Jan. 27, Bloomberg Information studies the corporate’s efforts to

2023 discover a purchaser forward of a probable chapter submitting

have stalled.

Jan. 30, Reuters studies the corporate is searching for

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 by means of 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 following 10 months.

A courtroom submitting posted on the web site

Feb. 10, of consultancy Alvarez & Marsal

2023 reveals

the corporate will wind down its

operations in Canada.

(Reporting by Uday Sampath and Granth Vanaik in Bengaluru; Enhancing by Shailesh Kuber, Shinjini Ganguli and Subhranshu Sahu)

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