THE WHAT? Mattress, Tub & Past may very well be submitting for chapter inside weeks, based on a report printed by The Wall Road Journal.
THE DETAILS The US retailer’s shares plummeted on the finish of final week after the corporate warned that it was low on funds and contemplating Chapter 11 proceedings. Gross sales for the third quarter of the present monetary yr, as a consequence of be introduced later this week, are anticipated to fall by nearly 33 % with losses widening 40 % to US$385.8 million, per The Wall Road Journal.
THE WHY? A spokesperson for Mattress, Tub & Past informed The Wall Road Journal that the corporate is working with advisors to enhance liquidity and regain market share and ‘no determinations have been made at the moment’.