Mattress Firm has been a household name in the mattress industry for years, but recent news has left many wondering about the future of this popular store. In October 2018, the company filed for bankruptcy and announced plans to close up to 700 stores nationwide.
For loyal customers of Mattress Firm, this news may come as a shock. After all, the company has been a go-to destination for purchasing mattresses and bedding for decades. So what led to this decision and what does it mean for the future of Mattress Firm? Let's take a closer look at the top 10 things you need to know about the current state of Mattress Firm.
ABC13 Houston: Mattress Firm files for bankruptcy, will close up to 700 stores
1. Bankruptcy Filing
In October 2018, Mattress Firm filed for Chapter 11 bankruptcy, which allows companies to restructure their debts and continue operating. This move was made in an effort to address the company's financial struggles and debt load, which had become unsustainable.
Mattress Firm files for bankruptcy, will close up to 700 stores
2. Store Closures
As part of the bankruptcy filing, Mattress Firm announced plans to close up to 700 stores across the country. This represents about 20% of their total store count. The locations of these closures have not yet been announced, but it is expected that they will be focused in areas with multiple Mattress Firm locations in close proximity to each other.
Mattress Firm files for bankruptcy, will close up to 700 stores
3. Online Competition
One of the main reasons cited for the struggles of Mattress Firm is the rise of online mattress retailers. With companies like Casper and Tuft & Needle offering convenient, direct-to-consumer options at lower prices, traditional brick-and-mortar stores have faced increased competition.
Mattress Firm files for bankruptcy, will close up to 700 stores
4. Debt Burden
Another factor contributing to Mattress Firm's financial troubles is their significant debt load. The company had been acquired by Steinhoff International in 2016, and it was later revealed that Steinhoff had been involved in a massive accounting scandal. This led to a loss of confidence in Mattress Firm's financial stability and ultimately contributed to the decision to file for bankruptcy.
Mattress Firm files for bankruptcy, will close up to 700 stores
5. Honoring Gift Cards and Warranties
If you have a gift card or warranty from Mattress Firm, you may be wondering what will happen to it now that the company has filed for bankruptcy. According to the company's press release, they will continue to honor gift cards and warranties during the bankruptcy process.
Mattress Firm files for bankruptcy, will close up to 700 stores
6. Going-Out-of-Business Sales
In an effort to liquidate inventory and raise funds, Mattress Firm has begun holding going-out-of-business sales at select stores. These discounts may be enticing for those in the market for a new mattress, but it's important to keep in mind that these sales are final and may not include the full range of options and services that Mattress Firm typically offers.
Mattress Firm files for bankruptcy, will close up to 700 stores
7. Potential Buyers
Even though Mattress Firm has filed for bankruptcy, they are not necessarily going out of business. In fact, the company is actively seeking potential buyers who may be interested in acquiring some or all of its remaining stores. This could lead to a significant reorganization of the company and potentially save many of the stores from closure.
Mattress Firm files for bankruptcy, will close up to 700 stores
8. Store Consolidation
As part of the bankruptcy process, Mattress Firm is looking to consolidate its stores in order to reduce costs and improve efficiency. This means that some locations may be combined or relocated, potentially resulting in longer drives for customers in certain areas.
Mattress Firm files for bankruptcy, will close up to 700 stores
9. What It Means for Customers
For customers, the bankruptcy filing and potential store closures may mean changes in where and how they can shop for mattresses. It's important to stay informed and keep an eye out for any updates from Mattress Firm regarding store closures and potential sales.
Mattress Firm files for bankruptcy, will close up to 700 stores
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