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(Reuters) – Mattress Tub & Past Inc (NASDAQ:) is contemplating gross sales of belongings and mental property as a part of a possible chapter submitting that would come as quickly as this weekend, Bloomberg Information reported, citing folks with information of the state of affairs.
The house items retailer can also be seeking to safe funding from U.S.-based funding agency Sixth Avenue Companions to help its operations by Chapter 11 proceedings however the plans might nonetheless change, Bloomberg Information reported on Friday.
Mattress Tub and Past didn’t reply to a request for remark, whereas Sixth Avenue Companions declined to remark.
In January, Reuters reported that the embattled retailer was negotiating a mortgage to assist it navigate chapter proceedings, with Sixth Avenue in talks to supply some funding. The funding agency loaned Mattress Tub & Past $375 million in 2022.
Mattress Tub & Past raised doubts in January about its capability to proceed as a going concern, simply months after it introduced greater than $500 million in new financing, job cuts and 150 retailer closures.