Mattress Firm files for bankruptcy, will close up to 700 stores

Sharing is Caring!

Mattress Firm, which has been grappling with declining sales following an overexpansion and a scandal at its parent company, filed for Chapter 11 bankruptcy protection Friday.

The nation’s largest mattress retailer has been ailing amid a surge of bed-in-a-box online retailers, too many physical stores and an accounting mess at its parent company, Steinhoff International.

See also  India - people who are not vaccinated not allowed to enter stores

Houston-based Mattress Firm plans to close as many as 700 of its 3,230 stores. Those stores are located “in certain markets where we have too many locations in close proximity to each other,” CEO Steve Stagner said in a statement.

See also  Gold Stocks Nowhere Close To Overbought, Have Room to Run

About 200 stores will close within days. The company has nearly 10,000 employees.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.