Mattress Firm to close more stores

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Mattress Firm to close more stores

By Deena M. Amato-McCoy - 10/18/2018
Not even two weeks after filing for bankruptcy protection and planning to close up to 700 stores, Mattress Firm expects to shutter more locations.

The nation’s largest mattress retailer, which operates some 3,500 U.S. locations, will close 99 stores by Oct. 31. This is on top of the 306 stores the company said will close by the same date, according to a document filed with the U.S. Bankruptcy Court.

The additional closures will save Mattress Firm $1.2 million per month in rent and associated costs. The company will continue to pay rent on these leases, despite ceasing operations, the filing reported.

Mattress Firm filed for Chapter 11 bankruptcy protection on Oct. 5, with a plan to close up to 700 stores. Mattress Firm listed Simmons Manufacturing Co. and Serta Mattress Co., as its biggest creditors, with claims of $64.7 million and $25.5 million, respectively.

The hearing for the plan will be held on Nov. 9.

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