Mattress Bathtub & Past has launched a listing 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 areas at malls and purchasing facilities in Stamford, Conn., Paramus, N.J., Dawn, Fla., Gurnee, Unwell., Schaumburg, Unwell. and Farmington Hills, Mich. and Palmdale, Calif.
The corporate not too long ago outlined a serious restructuring plan that included plans to shut 150 “decrease producing” shops and lay off 20% of its workforce. It additionally obtained $500 million in extra financing.
Only a week after that announcement, the corporate’s CFO, Gustavo Arnal, fell to his dying in what authorities mentioned 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 Bathtub & Past for failing to keep up shops and for closely discounting gadgets.
For a lot of 2022, Mattress Bathtub & Past inventory was the topic of curiosity from so-called “meme” traders 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 so far, Mattress Bathtub & Past shares have declined roughly 45%.
