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.
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.
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, 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.
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 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.
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.