Jan 18 (Reuters) – Mattress Bathtub & Past Inc (BBBY.O) has been in talks with potential consumers and lenders because the struggling retailer tries to maintain its enterprise afloat forward of a possible 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 working at each its eponymous retailer banner and its buybuy Child chain, the report added, citing folks conversant in the matter.
The house items retailer's advisers are additionally searching for a mortgage of at the least $100 million forward of a possible chapter submitting, which might happen within the coming weeks, the report stated.
Mattress Bathtub & Past 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 personal fairness agency Sycamore Companions for the sale of its belongings, together with buybuy Child shops, as a part of a doable chapter course of.
Whereas Sycamore is very within the buybuy Child chain – which helped Mattress Bathtub & Past get a $375 million mortgage final 12 months – sale of the corporate as a complete can also be being thought-about, though with a a lot smaller footprint of shops than it at the moment has, the CNBC report stated on Wednesday.
Genuine Manufacturers, proprietor of trend labels together with Without end 21 and Aeropostale, has additionally been Mattress Bathtub & Past, the report stated. Genuine Manufacturers declined to remark.
Mattress Bathtub & Past earlier this month posted a a lot bigger-than-expected quarterly loss and noticed a plunge in gross sales, and stated it could lay off extra workers to chop prices because it struggles with a dwindling money pile.
Reporting by Deborah Sophia in Bengaluru; Enhancing by Devika Syamnath
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