Mattress Bathtub & Past Inc.’s Canadian division will shut down its shops below court docket safety after the corporate obtained an uncommon lifeline earlier this week to avoid wasting its U.S. operations from chapter.
The troubled home-goods retailer on Friday filed its Canadian division for defense below the Firms’ 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 elevate, there isn’t sufficient capital accessible each to restructure its U.S. enterprise and produce the Canadian enterprise to profitability, the corporate stated in filings with an Ontario court docket.