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