STORY CONTINUES BELOW THESE SALTWIRE VIDEOS
(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:
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
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
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
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
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
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
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)