Mattress Firm is the most recent in a series of bankruptcies by national retailers as consumers chose to purchase goods online.
The Houston-based retailer filed Chapter 11 reorganization bankruptcy in DE on Friday and announced plans for the store closings in a news release.
National retailer Mattress Firm announced Friday it's going into bankruptcy and will close hundreds of stores in the United States. "Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other".
The company could eventually close 700 of its 3,000 locations. "As a result, many Mattress Firm stores are in direct competition with other Mattress Firm stores, resulting in disappointing sales". It's two largest debts are $64.7 million to Simmons Manufacturing Company, and $25.5 million to Serta Mattress Company.
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The company said the action will strengthen its balance sheet and optimize its store footprint. Mattress Firm - which operates 10 stores in the Treasure Valley - has a store a third of a mile north of there, at 16594 Midland Boulevard, but it's unclear whether that store is being closed or will remain open. In a court filing, the company acknowledged "several well-intentioned, but ill-advised, marketing and sales promotions". But in court documents, the company said in fiscal year 2018, it is projected to lose about $150 million.
South Africa-based Steinhoff acquired Mattress Firm in 2016.
"The past few years have been tough for Mattress Firm". The bankruptcy will allow the company to access new financing and to close stores that aren't making enough money, according to a statement on the company's website.