Mattress Firm files for bankruptcy, says it will close up to 700 stores
10:11 AM, Oct 5, 2018
6:36 PM, Oct 5, 2018
Online reviews have replaced going to a store to lie down on a mattress. That's why Mattress Firm, America's largest bed store, has filed for bankruptcy.
The chain said it plans to remain in business, but it filed for Chapter 11 bankruptcy protection to get out of about 700 unfavorable leases. The company said it will quickly close 200 underperforming stores and make decisions about whether to close or maintain the other 500 stores in the coming weeks. It currently has more than 3,300 stores in the United States.
Mattress Firm plans to exit bankruptcy in about two months. It hopes that the liquidity gained from the bankruptcy allows it to expand into more favorable markets and even open some new stores in existing markets.
"We will continue to provide unmatched value to our customers by offering the best quality beds at prices that fit any budget today, tomorrow and into the future," said CEO Steve Stagner.
Like many retailers, the 32-year-old chain has struggled with overexpansion, including its purchase of Sleepy's in 2016 and Mattress Giant in 2012. The company has many stores in close proximity to one another, cannibalizing sales. It's also grappling with increasing competition from online retailers, including Casper and Amazon.
Its parent company, Steinhoff International, is dealing with major problems including accounting irregularities forcing its CEO to resign in December 2017.
Here is a full list of the roughly 200 stores it plans on closing, according to court documents.
035007, 1817 Cherokee Ave SW Cullman AL
081001, 3683 Airport Blvd Mobile AL
029135, 2780 W Chandler Blvd #7 Chandler AZ
029097, 7230 W Ray Rd Chandler AZ
029070, 1754 S. Greenfield Rd. ste. 103 Mesa AZ
029140, 1335 S Alma School Rd, Ste 101 Mesa AZ
029022, 14900 N. Pima Road, Ste. 101 Scottsdale AZ
029141, 14601 North Scottsdale Rd, Ste 125 Scottsdale AZ
029123, 10340 North Scottsdale Rd. Scottsdale AZ
029124, 4455 S. Rural Rd Tempe AZ
029103, 9860 lower Buckeye Road, Ste F-100 Tolleson AZ
062008, 5545 E Broadway Tucson AZ
504013, 2100 Panama Lane Bakersfield CA
504015, 467 East Shaw Ave Fresno CA
504010, 1414 R Street Merced CA
503031, 9095 Central Ave Montclair CA
503015, 25125 Madison Ave Ste 103 Murrieta CA
503044, 109 S Las Posas Road, Ste 101 San Marcos CA
003008, 2525 Arapahoe Ave, Ste. E20 Boulder CO
003058, 570 Zang St, Ste B Broomfield CO
115007, 1785 E. Cheyenne Mountain Blvd. Colorado Springs CO
003032, 356 East Harmony Rd 6A Fort Collins CO
003047, 10460 West Colfax Ave Lakewood CO
003064, 7205 W Colfax Avenue , Ste 100 Lakewood CO