Mattress Firm files for bankruptcy, soon closing 200 stores

Mattress Firm files for bankruptcy

Mattress Firm, a Houston, Texas-based mattress discount firm that filed for Chapter 11 bankruptcy protection Friday, will keep its 10 ME stores open as it looks to close up to 700 underperforming stores nationwide. The company now has more than 3,300 locations in the United States, including four in Sioux Falls.

Casper plans to open 200 stores across the United States in the next three years as part of an ambitious growth plan.

Mattress Firm said it hopes to complete its restructuring within two months.

Mattress Firm is now considered to be the US' largest specialty mattress retailer with an estimated 3,272 stores across the U.S., according to Wedbush analyst Seth Basham.

"Mattress Firm is some sort of giant money laundering scheme".

Mattress Firm expects to close about 200 stores in the next few days and up to 700 over the next 45 to 60 days.

Mattress Firm plans to close up to 700 stores where they have several locations in close proximity to each other.

Krim estimated that about 10 to 12 percent of mattress sales are online.

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

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

Mattress Firm said it will not conduct any liquidation sales.

The bankruptcy filing comes as parent company South African-based Steinhoff worldwide Holdings has seen declining revenues and sales, amid increased competition from online startups like Casper. It said deliveries will continue to be made as scheduled and that it intends to continue honoring warranties and guarantees.

It announced that it had secured commitments for $250 million in debtor-in-possession financing to support operations.

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

At the time, then-CEO Ken Murphy denied the money-laundering allegations and defended Mattress Firm's massive store count. Last year, Mattress Firm's preferred brand, Tempur Sealy International, unexpectedly pulled its products out of the retailer following a pricing dispute.

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