Mattress Tub & Past to shut 150 extra shops

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Mattress Tub & Past mentioned it plans to shut one other 150 shops because it continues to reorganize its funds.

The deliberate closures, introduced in a regulatory submitting Monday, come as the corporate additionally mentioned it had struck a deal to boost $1 billion in funding to stave off a chapter submitting for now. The fundraising deal was first reported by The Wall Avenue Journal.

The areas of the brand new closures are usually not but recognized. An organization consultant didn't instantly reply to a request for remark.

Shares in Mattress Tub & Past plunged practically 50% in Tuesday buying and selling because the deal dilutes current stockholders.

The corporate mentioned the brand new closures construct on the beforehand introduced shutdowns of roughly 200 Mattress Tub & Past shops, together with some buybuy Child areas, in addition to the closure of fifty standalone Harmon shops within the U.S.

Mattress Tub & Past says it plans to close down the Harmon model fully.

In complete, Mattress Tub & Past may have shuttered 400 shops prior to now 12 months or so — practically half its complete brick-and-mortar footprint.

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