Mattress Firm to close 700 locations, files Chapter 11 in court

Mattress Firm filed for bankruptcy and is already beginning to close stores

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

Steinhoff bought Mattress Firm in August 2016 for R33bn. The space is the location of an Aspen Dental office.

Walmart also entered the fray earlier this year with its own online premium mattress brand, Allswell.

According to the filing, the company owes a whopping $90million to mattress supplier Serta Simmons, its largest creditor. He referred the Idaho Statesman to an area manager, who did not immediately call back. The company has many stores in close proximity to one another, cannibalizing sales.

Today's announcement of a Chapter 11 filing did not detail which stores would be closing.

Steinhoff CEO Danie van der Merwe said: "Mattress Firm has been facing significant operational challenges which management isaddressing through its turnaround plan". As part of the filing, Mattress Firm plans to close 700 of those stores in the months "leading up to the holiday season". He said he expects that figure to continue to rise over the next several years. "The Company intends that warranties, guarantees and other customer programs will be honored as usual", it said.

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In a press release Friday, officials announced the company has received $650million to fund ongoing operations and repay debt and costs associated with the restructuring.

The company was founded in 1986.

Unemployment is at a 40-year low and wages are starting to tick up, but the number of people working multiple jobs hasn't changed in more than a decade. Why?

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.

Analysts said Mattress Firm had too many locations and didn't do enough to keep up with an increasing number of online competitors that offered convenience and more transparent pricing.

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