Mattress Firm files bankruptcy, to close 700 stores

08 October, 2018, 05:15 | Author: Brooke Harris
  • Mattress Firm filed for bankruptcy and is already beginning to close stores

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. It plans to close as many as 700 stores as part of a prepackaged bankruptcy that it said could be completed in the next 45 to 60 days.

"The bankruptcy will not affect any stores in ME", a store manager at the one of the company's Portland area locations told the Bangor Daily News, requesting anonymity. Along with the 1414 R Street store, the first wave of stores to close will include locations in Fresno and Bakersfield.

"The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio", Steve Stagner, the president and CEO of Mattress Firm, said in a statement. "Decisions about additional store closings will be made in the next few weeks", it added.

Walmart also entered the fray earlier this year with its own online premium mattress brand, Allswell.

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.

The retailer has secured about $250 million in so-called "debtor-in-possession" financing to support its operations under bankruptcy.

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"Mattress Firm has been facing significant operational challenges which management is addressing through its turnaround plan", Steinhoff's acting chief executive Danie van de Merwe said.

In 2016, Mattress Firm was acquired by South Africa-based retailer Steinhoff International Holdings for $3.8 billion.

At the time then-Steinhoff CEO Markus Jooste - who abruptly resigned in December 2017 amid a still-ongoing accounting scandal - said the acquisition would allow Steinhoff to enter the United States market and expand its global reach.

In Boise, Mattress Firm has four stores near the Boise Towne Square mall.

Sales fell 11.2 percent last yer to $3.29 billion, the company said in an investor presentation.



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