Mattress Firm to close 700 stores in an effort to survive
Mattress Firm to close 700 stores in an effort to survive
Mattress Firm files for bankruptcy
08 October, 2018, 05:14
The company and its subsidiaries filed for Chapter 11 restructuring in the U.S. Bankruptcy Court in DE with hopes of implementing a prepackaged reorganization plan.
The nation's largest mattressretailer has filed for Chapter 11 protection in DE as it works to cancel hundreds of leases and close stores. It now has more than 3,300 stores in the United States.
Mattress Firm - which operates 10 stores in the Treasure Valley - has a store a third of a mile north of the North Merchant Way location, at 16594 Midland Blvd., but it appears it will remain open.
"The Mattress Firm recapitalization also represents a further positive step in the wider Steinhoff restructuring process", van de Merwe said.
According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors.
Steinhoff bought Mattress Firm in August 2016 for R33bn. As part of the filing, Mattress Firmplans to close 700 of those stores in the months "leading up to the holiday season".
Redditors argued that the chain had too many stores in the U.S. given that mattresses are a product that is typically bought every seven to 10 years.
A store at 16375 N. Merchant Way in Nampa is listed among those being closed. Mattress Firm purchased Sleep Experts, a chain of 55 mattress stores in Dallas and Austin, for $65 million in 2014. The company declined to make Stagner available for an interview.
The bankruptcy filing comes as parent company South African-based Steinhoff global Holdings has seen declining revenues and sales, amid increased competition from online startups like Casper.
It announced that it had secured commitments for $250 million in debtor-in-possession financing to support operations.
"The past few years have been tough for Mattress Firm".
Its parent company, Steinhoff International, is dealing with major problems including accounting irregularities, forcing its CEO to resign in December 2017.
Stores could help Casper stand out in a crowded mattress market.
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