Mattress Tub & Past is asking for backup.
The struggling retailer mentioned Wednesday that it was bringing on two high administration consulting corporations to assist it lower prices and enhance its merchandise. CEO Steven Temares didn’t title the corporations.
The housewares retailer wants assist. Shares of Mattress Tub & Past (BBBY) plunged practically 25% Thursday to their lowest degree since March 2000 due to terrible gross sales in the course of the earlier quarter.
Prospects have been avoiding its brick and mortar stores, and heading as a substitute to Goal (TGT) and TJX (TJX)-owned HomeGoods.
Neil Saunders, managing director of GlobalData Retail, famous in a report Wednesday that total “spending on homewares and home-related merchandise has been sturdy.” With that in thoughts, he mentioned Mattress Tub & Past’s numbers “are little in need of horrible.”
“The blunt fact is that Mattress Tub & Past merely hasn’t been as much as the job of changing the momentum seen elsewhere in retail,” Saunders wrote.
Mattress Tub & Past…
