Mattress Tub & Past seems to be for consumers, lenders earlier than potential chapter


© Reuters. FILE PHOTO: An individual exits a Mattress Tub & Past retailer in Manhattan, New York Metropolis, U.S., June 29, 2022. REUTERS/Andrew Kelly

(Reuters) -Mattress Tub & Past Inc has been in talks with potential consumers and lenders because the struggling retailer tries to maintain its enterprise afloat forward of a probable chapter submitting, CNBC reported on Wednesday.

The corporate is within the midst of a sale course of to discover a purchaser that will maintain enterprise operating at each its eponymous retailer banner and its buybuy Child chain, the report added, citing individuals accustomed to the matter.

The house items retailer’s advisors are additionally searching for a mortgage of at the very least $100 million forward of a possible chapter submitting which may happen within the coming weeks, the report stated.

Mattress Tub & Past (NASDAQ:) stated in an emailed assertion to Reuters that it doesn’t “touch upon hypothesis or particular relationships”.

The New York Instances reported final week that the Union, New Jersey-based firm was in talks with non-public fairness agency Sycamore Companions for the sale of its belongings, together with its buybuy Child shops, as a part of a potential chapter course of.

Whereas Sycamore is particularly within the buybuy Child chain – which helped Mattress Tub & Past get a mortgage price $375 million final yr – sale of the corporate as a complete can be being thought-about, though with a a lot smaller footprint of shops than it presently has, the CNBC report stated on Wednesday.

Genuine Manufacturers, proprietor of style labels together with Endlessly 21 and Aeropostale, has additionally been taking a look at Mattress Tub & Past, the report stated. Genuine Manufacturers didn’t instantly reply to a Reuters request for remark.