Mattress Firm Files For Bankruptcy, Will Close Up To 700 Stores

As part of it's recently-filed Chapter 11 bankruptcy, the company plans to close 200 stores nationwide, including one in Marion and more than 20 in the Chicago area.

The company hasn't yet identified which stores it will close, including any in Wichita.

Mattress Firm, based in Houston, has more than 3,000 stores in 49 states. In addition, the store in Merced at 1414 R Street also will close.

"The Mattress Firm recapitalization also represents a further positive step in the wider Steinhoff restructuring process", van de Merwe said.

According to court documents, the nation's largest mattress retailer has more than $1 billion in liabilities and has more than 50,000 creditors.

Steinhoff bought Mattress Firm in August 2016 for R33bn.

Online reviews have replaced going to a store to lie down on a mattress. Two other stores will be closed in San Marcos and Murrieta.

Additionally, the company said, all deliveries will be made on schedule.

ME locations of Mattress Firm stores were not among the 209 listed for immediate closure in documents sent to the BDN by Mattress Firm representative Erica Martinez of marketing firm Jackson Spaulding.

Analysts said Mattress Firm had too many locations and didn't do enough to keep up with an increasing number of online competitors that offered convenience and more transparent pricing.

The retailer, which went on a buying spree in recent years adding regional chains, has secured $250 million in special financing to support operations while it reorganizes.

Mattress Firm said it will not conduct any liquidation sales.

The company's difficulties include an accounting scandal at its parent company, Steinhoff International, and losing a large contract with Tempur Sealy International a year ago.

The company, founded in 1986, has sales of more than $3 billion.

Last year, Mattress Firm lost a contract with Tempur Sealy International and no longer sells TempurPedic or Sealy beds in its stores.

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