Mattress Firm files for bankruptcy, plans to close 700 stores

Kenny Grant
October 8, 2018

Mattress Firm plans to exit bankruptcy in about two months.

The nation's largest mattressretailer has filed for Chapter 11 protection in DE as it works to cancel hundreds of leases and close stores.

The company has more than 3,200 stores and more than 9,800 employees in the United States and in recent years had aggressively expanded its retail footprint.

"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.

According to court filings, none of the stores in Arkansas are among the first 200 that will close. "As a result, many Mattress Firm stores are in direct competition with other Mattress Firm stores, resulting in disappointing sales".

It reported $2.5 billion revenue in 2015, making it the largest independent mattress retailer in the country.

Steinhoff bought Mattress Firm in August 2016 for R33bn.

The company said it intends to close about 200 stores, "in the next few days".

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

Altogether, Mattress Firm operates 16 stores in Idaho, including Boise, Meridian, Garden City, Nampa, Twin Falls, Pocatello, Ammon, Coeur d'Alene and Lewiston.

A store at 16375 N. Merchant Way in Nampa is listed among those being closed.

Mattress Firm said in its filing that it will not conduct typical liquidation sales or offer special going-out-of-business deals to customers. The company declined to make Stagner available for an interview.

The mattress retailer has secured approximately $250 million in debtor-in-possession financing to support its operations under bankruptcy.

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

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

Photo of Mattress Firm in downtown Silver Spring by Mike Diegel.

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