Mattress Tub & Past has launched an inventory of the preliminary 56 shops it plans to shut as a part of a broader restructuring to stabilize the house items chain’s struggling enterprise.
The focused shops are unfold throughout the nation, and embrace places at malls and buying facilities in Stamford, Conn., Paramus, N.J., Dawn, Fla., Gurnee, In poor health., Schaumburg, In poor health. and Farmington Hills, Mich. and Palmdale, Calif.
The corporate just lately outlined a significant restructuring plan that included plans to shut 150 “decrease producing” shops and lay off 20% of its workforce. It additionally obtained $500 million in further financing.
Only a week after that announcement, the corporate’s CFO, Gustavo Arnal, fell to his demise in what authorities stated was a suicide. The corporate has appointed an interim CEO and interim CFO.
Within the run-up to the reorganization announcement, at the least one analyst criticized Mattress Tub & Past for failing to keep up shops and for closely discounting objects.
For a lot of 2022, Mattress Tub & Past inventory was the topic of curiosity from so-called “meme” buyers after GameStop chairman Ryan Cohen introduced a stake within the firm earlier this spring. In August, Cohen introduced his intention to promote all of his shares.
Yr up to now, Mattress Tub & Past shares have declined roughly 45%.