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From Home Furnishing Business

Mattress Firm Secures New $225 Million Credit Line

Mattress Firm, whose parent company, Steinhoff International, has been struggling in the wake of an accounting scandal, said it has obtained a new secured asset-based revolving credit line of up to $225 million.

Report: Steinhoff Lenders Begin Pulling Credit Lines

Mattress Firm parent Steinhoff International (FRANKFURT: SNH) is being “pushed to the brink of collapse” because several lenders have pulled credit lines, according to a Bloomberg News report.

FastFact: Top 20% Pay Most Taxes, Have Highest Disposable Income

The top 20 percent of U.S. households make more than half of all income and pay 78.5 percent of all taxes, according to the latest Consumer Expenditure Survey from the Bureau of Labor Statistics.

Li & Fung Sells Furniture Holdings to Private Equity Firm

Li & Fung, the Hong Kong-based supply chain giant, said it is selling its furniture businesses as part of a $1.1 billion deal with Chinese private equity firm Hony Capital.

Pier 1 Q3 Sales, Earnings Fall; Retailer Cuts Full-Year Profit Estimate

Home furnishings and décor retailer Pier 1 Imports (NYSE: PIR) said sales slipped 1.4% to $469.2 million in the fiscal third quarter, but earnings fell by more than 45% due to heavier-than-normal promotions and the effects of Hurricanes Harvey and Irma.

Mattress Firm Parent Steinhoff Will Revise 2016 Financials

Mattress Firm parent Steinhoff International (FRANKFURT: SNH), whose CEO resigned last week amid an accounting scandal, said it will have to restate its financial statements for fiscal year that ended Sept. 30, 2016.

Report: Amid Stock Collapse, Steinhoff May Sell Retail Assets

Steinhoff International, (FRANKFURT: SNH) the South African furniture and retail conglomerate whose stock price collapsed last week in the wake of an accounting scandal, may have to sell some of its prized assets – including Mattress Firm – in order to make debt payments that are due in March, according to a Bloomberg News report.

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