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Mattress Bathtub & Past has filed for chapter safety within the US, following years of falling gross sales, monetary losses and failed restoration efforts.
The homeware chain made the submitting within the US District Court docket in New Jersey, saying it should begin to wind down its operations whereas searching for a purchaser for some or all of its companies.
It anticipates closing all shops by the top of June, however in the meantime its 360 Mattress Bathtub & Past shops and 120 Purchase Purchase Child shops and web site will do enterprise as typical.
The corporate employs 14,000 employees, in accordance with the court docket submitting, though that is down from the 32,000 workers it had in February 2022.
Neil Saunders, managing director of GlobalData Retail, mentioned: “It is the demise of an icon – lots of people have grown up with it.
“It is an establishment in retailing however sadly being an establishment does not shield you from monetary woes.”
Mattress Bathtub & Past was based in 1971 and it turned recognized for its big vary of sheets, towels and devices.
However within the final decade, it struggled – its messy assortments, lack of on-line technique and stiff competitors from Goal and Walmart noticed weak gross sales.
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It recruited Goal government Mark Tritton in 2019 however his concepts – lowering coupons and introducing retailer label manufacturers as a substitute of nationwide labels – did not reverse the decline.
When the COVID-19 pandemic compelled most shops to shut, many put their assets into on-line operations – however Mattress Bathtub & Past didn’t handle this. It was additionally badly hit by provide chain points, which affected its shares of kitchen home equipment and electronics.
In August, it introduced a plan to shut 150 of its shops and reduce workforce by 20%, in addition to saying it had lined up greater than $500m of latest financing – however even this was not sufficient to halt its downfall.
It issued various warnings about potential chapter this 12 months, together with saying in January that it was in default of its loans.
A 12 months in the past its shares had been buying and selling at round $17 however on Monday they had been round 30 cents.
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