Chapter 11 Bankruptcy
Innovative Mattress Solutions, parent of Mattress Warehouse, Sleep Outfitters and Mattress King brands, has joined the long line of retailers filing for Chapter 11 bankruptcy protection, The Wall Street Journal reported. The company’s 142 stores under the three brands remain open but its retail footprint is being reviewed, the CEO said.
At long last and after several failed efforts, Sears Holdings is filing for Chapter 11 bankruptcy protection and embattled CEO Eddie Lampert, who tried unsuccessfully to prop up Sears with his own money, will step down but stay on as chairman. Here is a look at what remains and the steps Sears took to try to avert its bankruptcy fate.