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Mattress Firm, once the largest mattress retailer in the United States, has been making headlines in recent years for all the wrong reasons. The company, which was founded in 1986 and quickly became a household name, has been struggling financially and facing numerous challenges, leading many to wonder if it will survive. In this article, we will delve into the top 10 main reasons behind Mattress Firm's current financial troubles and whether or not the company will be going out of business by 2024.

In October 2018, Mattress Firm filed for Chapter 11 bankruptcy protection, citing a large amount of debt and too many stores in close proximity to each other. This move came as a shock to many, as the company had previously been expanding rapidly and acquiring other mattress retailers. However, it soon became clear that this expansion had come at a steep cost and was not sustainable.

In an effort to improve its financial situation, Mattress Firm announced that it would be closing hundreds of stores across the country. This decision was met with mixed reactions - while some saw it as a necessary step to stay afloat, others were concerned about the impact it would have on employees and communities. The company also began restructuring its operations, including renegotiating leases and cutting costs.

One of the main reasons behind Mattress Firm's financial struggles is its mounting debt. The company had taken on a significant amount of debt in order to finance its expansion and acquisition of other retailers. However, as sales declined and competition increased, it became increasingly difficult for Mattress Firm to manage this debt and make a profit.

Another major factor in Mattress Firm's downfall is its overexpansion. At its peak, the company had over 3,000 stores across the country, often with multiple locations in the same city. This led to a saturation of the market and decreased demand for the company's products. With the rise of online mattress retailers, consumers also had more options when it came to purchasing a new mattress.

Speaking of online mattress retailers, they have played a significant role in Mattress Firm's decline. Companies like Casper, Purple, and Tuft & Needle have disrupted the traditional mattress industry with their direct-to-consumer business models and innovative products. This has made it difficult for Mattress Firm, with its brick-and-mortar stores and traditional marketing strategies, to compete.

In addition to its financial struggles, Mattress Firm has also faced negative publicity in recent years. This includes lawsuits from disgruntled franchisees, accusations of fraud and misleading sales tactics, and employee complaints about working conditions. These issues have further damaged the company's reputation and made it difficult for them to attract and retain customers.

The COVID-19 pandemic has also had a significant impact on Mattress Firm's business. With many stores forced to close temporarily and consumers tightening their budgets, the company's sales have taken a hit. In May 2020, it was reported that Mattress Firm's parent company, Steinhoff International, was considering bankruptcy protection for the retailer once again.

Despite facing numerous challenges, Mattress Firm has not given up on trying to turn things around. The company has implemented new marketing strategies and pricing tactics in an effort to attract customers, and has also launched a bed-in-a-box line of mattresses to compete with the popular online retailers. However, whether these efforts will be enough to save the company remains to be seen.

So, is Mattress Firm going out of business by 2024? It's difficult to say for certain, but the company is definitely facing an uphill battle. With mounting debt, store closures, and fierce competition, it will take a lot of strategic planning and a bit of luck for Mattress Firm to make a comeback. Only time will tell if the company will be able to weather the storm and come out on the other side.