Fast Forward: Week of 1/7/17

Destination Maternity is churning through management while continuing to insist that Berkeley Research Group is only providing operational improvement services. Fieldwood Energy has a little more time. Neiman Marcus is getting serious about engaging various creditors about its well over-levered balance sheet ($4.9b of debt). Steinhoff International Holdings N.V. is in the market for a Chief Restructuring Officer. Before year end, there were some interesting happenings with Sungard AS that may portend some action to come.

Steinhoff is a Hot Mess

Steinhoff International Holdings NV is engulfed in a massive accounting scandal going back to 2016 and now the CEO has resigned, asset sales are in the works, and professionals have been retained. The company owns Mattress Firm, the ubiquitous bed company with mustachioed creepers for salesmen who pounce on you the second you open the door. As if the countless direct-to-consumer mattress brands weren't threat enough to the business, some bad accounting sure adds insult to injury. Meanwhile, Eight Sleep, a 3.5 year old NY-based smart mattress maker, just raised $10.5mm in fundingfrom Khosla Ventures, bringing its total funding up to $32.5mm. The company lets you control your bed temperature, among other things, via remote or through Amazon Alexa. Because letting Alexa listen to your bedroom activity isn't creepy at all.