Mattress Bathtub & Further than Inc.’s Canadian division will shut down its merchants beneath court protection after the corporation been given an unusual lifeline earlier this 7 days to preserve its U.S. functions from bankruptcy.
The troubled home-items retailer on Friday filed its Canadian division for defense below the Companies’ Creditors Arrangement Act, Canada’s tough equal of chapter 11 bankruptcy. Mattress Bathtub & Beyond has “reluctantly concluded” that even with the lifeline of its modern fairness elevate, there is not ample capital obtainable both of those to restructure its U.S. business enterprise and deliver the Canadian organization to profitability, the company explained in filings with an Ontario court docket.
