Mattress Firm parent exploring potential IPO

Mattress Firm Group Inc. has taken the first step in going public.

The company, which is owned by South African retail conglomerate Steinhoff International Holdings, disclosed Monday that it has "confidentially" filed a registration statement with the Securities and Exchange Commission for a potential initial public offering. The mattress retailer said it has not yet determined how many shares it might offer in an IPO, or the expected pricing

With more than 2,500 stores, Mattress Firm is the nation’s largest specialty mattress retailer. It was acquired by Steinhoff in 2016 for $3.6 billion. Steinhoff, which owns more than 40 retail brands, was subsequently involved in an accounting scandal that has damaged its stock price.

Mattress Firm filed for Chapter 11 bankruptcy protection at the beginning of October 2018 and emerged in November of the same year, after reducing its store count by 700 locations. According to a presentation at the time of the filing, Mattress Firm had total assets of nearly $3.36 billion and total liabilities of more than $4.39 billion as of July 31, 2018.

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