The iconic us home furnishings retailer filed for bankruptcy at the end of April 2023 after failed attempts to raise funding.
The former “category killer” took a negative turn in 2019 when it announced financial losses for the first time in 27 years. It’s been on a roller coaster ride ever since with declining sales, management changes, store closures and layoffs. The company publicly warned of bankruptcy in January 2023 saying it may not have enough cash after a hard hit holiday season. The company launched stock offerings in February and March but could not raise the capital needed.
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