The 4,000-square-foot store, which was once a Sleepy’s — the Hicksville-based mattress retail chain was acquired for $780 million by Mattress Firm two years ago — was located on 3150 Long Beach Rd. The property is owned by United Properties Corp. in East Meadows.
A public relations representative for Mattress Firm, when contacted about the closing of the Oceanside store, didn’t provide updated information.
Houston-based Mattress Firm filed for Chapter 11 bankruptcy protection in federal court in Delaware on Sept. 28, citing market saturation and competition from online mattress retailers, among other factors.
A Tennessee coal mining company that filed for bankruptcy this week is the second coal company to go bankrupt during Donald Trump’s pro-coal presidency. It’s also the fifth U.S. coal industry bankruptcy in the last three years as competitors in the energy market continue to drive coal into the dust pile.
Mission Coal, an operator of three mines in West Virginia and one in Alabama, filed for Chapter 11 bankruptcy protection on Sunday listing about $175 million in debt and just $55,000 cash on hand, according to court filings. This small company joins Colorado-based Westmoreland Coal, one of the country’s oldest coal companies, which filed for bankruptcy earlier this month, and Peabody Energy, Arch Coal and Alpha Natural Resources, which all have ended up in bankruptcy courts since 2015.
The nation’s leading wedding retailer is flirting with the possibility of bankruptcy protection, which often involves some store closures, after skipping a key debt payment.
David’s Bridal, whose tight grip on the wedding business has loosened in recent years amid digital competition and declining marriage rates, failed to make a key loan payment Monday.
That move served as a warning to creditors that the company is barreling toward a restructuring effort of some kind. Failing to make a debt payment is often a precursor to filing for Chapter 11 bankruptcy protection.
There’s a “very high likelihood” of bankruptcy or a consensual debt restructuring for David’s Bridal, said Mathew Christy, an S&P Global Ratings analyst who tracks the retailer.
S&P Global Ratings on Tuesday lowered David’s Bridal’s credit rating from CCC-, which suggests the borrower is vulnerable to not paying back its debts on time, to SD, which indicates the company has selectively defaulted on a debt obligation but plans to continue making payments.
The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford.
Sears Holdings (SHLD), the parent company of Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon (AMZN).
The filing in federal bankruptcy court in New York came in the early hours of Monday morning. The company issued a statement saying it intends to stay in business, keeping open stores that are profitable, along with the Sears and Kmart websites.
Bonds are still doing their job this year as investors’ best friends during a downturn: They’re holding up better than stocks, cushioning the blow for balanced investors. High-quality, investment-grade U.S. bonds have returned 0.9 percent through Wednesday, while the Standard & Poor’s 500 index has lost 7.4 percent on worries about the strength of the global economy. The problem is that bonds are not doing as good a job as in past downturns, and the outlook for them is dim. Super-low interest rates mean bonds don’t pay investors much for the bonds they hold or are buying now. And those bonds may fall in price in the coming months and years if interest rates increase as the Federal Reserve, as expected, continues to move short-term rates higher.
Americans view themselves as being in the middle class, 80% say it is harder being in the middle class today than it was just 25 years ago. “The American middle class is not weakened or weakening—it is weak,” said Patrick Inglis, an assistant professor of sociology at Grinnell College. “Even the idea of it is weak. The middle class no longer can rely on the kind of job security that was available to earlier generations. Although over 90% of Americans identify as middle class, their income positions vary widely, from poverty level to wealthy.”
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