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3,000 Stores Fell Into Losses, US Giant 'Mattress Firm' Considered Filing For Bankruptcy

2018-08-09 Tag: Mattress Firm US
Mattress Firm, Inc., the largest mattress retailer in the United States. People familiar with the matter said the company is considering a possible bankruptcy filing to seek to get rid of expensive store leasing and shut down some of its about 3,000 loss-making stores.
 
 
Mattress Firm, US,3,000 Stores Fell Into Losses, US Giant
 
 
Competition from e-commerce companies such as Amazon (AMZN.O) has put pressure on brick-and-mortar retailers to make Mattress Firm a recent troubled US retailer.
 
After an accounting scandal, Mattress Firm's South African parent company Steinhoff International Holdings NV has been in an agreement with creditors to restructure some of its subsidiaries' debt. The creditors last month agreed to postpone the three-year debt claim.
 
Steinhoff acquired Mattress Firm for $3.8 billion in 2016.
 
The two sources said this week that both Mattress Firm and Steinhoff, both based in Houston, are working with consulting firm AlixPartners LLP. AlixPartners helps companies plan for change strategies, usually introduced for bankruptcy.
 
These sources requested not to be named because the plan is confidential. The source cautioned that Mattress Firm has not made any final decisions and its plans may change.
 
 
(Source: JJGLE.COM)