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Mattress Bathtub & Past Inc.’s Canadian division will shut down its shops beneath courtroom safety after the corporate acquired an uncommon lifeline earlier this week to avoid wasting its U.S. operations from chapter.
The troubled retailer filed its Canadian division for cover beneath the Corporations’ Collectors Association Act, Canada’s tough equal of chapter 11 chapter. Mattress Bathtub & Past has “reluctantly concluded” that even with the lifeline of its current fairness increase, there isn’t sufficient capital accessible each to restructure its U.S. enterprise and produce the Canadian enterprise to profitability, the corporate mentioned in filings with an Ontario courtroom.
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