Mattress Discounters Files for Bankruptcy
Providence, R.I. Mattress Discounters has filed for Chapter 11 bankruptcy protection. The 140-store chain plans to close 48 locations in New England, according to information contained in court filings made Wednesday.
The firm blames its financial trouble on an industry downturn, heightened competition and a weak economy. The New England stores lost $1.5 million last year and about $2.9 million this year.
The firm’s plans include leaving the New England market, reducing some of its retail operations in the Mid-Atlantic and possibly selling its manufacturing business.
Mattress Discounters owes about $16.5 million to its lenders and about $10 million to other creditors.
Report: Amazon to sell wine
SEATTLE Amazon.com, which now sells everything from electronics to furniture, will soon add wine to its list of available items. According to reports, customers will be able to purchase wine through Amazon.com as early as this month thanks to a partnership between the retailer and the Napa Valley Vintners Association.
The Napa Valley Vintners Association represents 315 vintners in the Napa Valley, it is not yet know if each winery will have its on storefront online, or if they would all operate under a single store.
In 1999, Amazon invested $30 million in Wineshopper.com in 1999. In 2000, the company was bought by Wine.com, which operates a storefront Amazon that sells gourmet food but not wine.
Cost Plus names Stevens to board
OAKLAND, Calif. Cost Plus announced that Kenneth Stevens has been appointed by its board of directors, effective immediately, to serve as an independent outside director until the next annual meeting of shareholders. Stevens most recently served as president, coo and secretary of tween Brands and was a member of the board of directors.
Prior to joining Tween Brands in 2007, Stevens served in various executive positions at Limited Brands and some of its subsidiaries from 2002 to 2006, including ceo of Express and president and coo of Bath & Body Works. He also served as chairman and ceo of the Bank One Retail Group from 1996 to 2001.