Mattress Firm to close up to 700 stores across the US

Mattress Firm files for bankruptcy

Mattress Firm files for bankruptcy

A release stated that the company will undertake a prepackaged bankruptcy that generally consists of the company reaching a deal with major creditors prior to the filing.

Mattress Firm, Inc., the nation's largest mattress retailer, is filing for bankruptcy protection and plans to close up to 700 stores around the country.

Among the stores targeted for closing in its location at 610 S.E. Greenville Blvd., one of four locations in Greenville. Mattress Firm locations in Ballwin and Richmond Heights also will close.

"The Mattress Firm recapitalization also represents a further positive step in the wider Steinhoff restructuring process", van de Merwe said. However, Mattress Firm does not have a shop there.

Company officials said Friday that an initial group of approximately 200 stores is expected to be closed in the next few days.

Mattress Firm had planned to open a store there, but later changed its mind after construction was delayed to comply with environmental assessments. Mattress Firm purchased Sleep Experts, a chain of 55 mattress stores in Dallas and Austin, for $65 million in 2014.

Two stores are less than a mile apart on Town Center Parkway.

The troubled bed retailer of scandal-plagued Steinhoff International Holdings NV has 22 stores in MI and 3,400 total.

President and CEO Steve Stagner said the company will remain in business despite challenges.

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

Decisions about additional store closures could be made in the next few weeks.

In December 2017, Steinhoff CEO Markus Jooste and its executive chairman, Christo Wiese, resigned amid investigations into accounting irregularities, The Wall Street Journal reported.

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

The scandal wiped more than 90 percent off Steinhoff's market value and brought the company under intense regulatory scrutiny.

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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