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Mattress Firm: The Top Mattress Retailer Files for Bankruptcy

Mattress Firm, one of the leading mattress retailers in the United States, has recently filed for bankruptcy. This news has sent shockwaves through the industry and left many customers wondering what this means for their purchases and the future of the company. In this article, we will break down the top 10 things you need to know about Mattress Firm's bankruptcy and what it means for customers and the mattress industry as a whole.

1. What Led to Mattress Firm's Bankruptcy Filing?

Mattress Firm has been facing financial struggles for quite some time. In the past few years, they have been dealing with declining sales and increasing competition from online mattress retailers. This, coupled with their rapid expansion and acquisition of other mattress brands, has put a strain on their finances and ultimately led to the decision to file for bankruptcy.

2. How Many Stores Will Be Affected?

The company plans to close around 700 of its 3,500 stores as part of its restructuring process. This means that about 20% of Mattress Firm locations will be closing their doors. The majority of these store closures will take place in areas where there are multiple Mattress Firm locations in close proximity to each other.

3. Will This Affect Customer Purchases and Warranties?

If you have recently purchased a mattress from Mattress Firm, don't worry, your purchase and warranty will still be honored. The company has stated that they will continue to operate as normal during the bankruptcy process. Customers who have purchased a mattress and are still within their warranty period will still be able to make warranty claims and receive replacements or refunds as needed.

4. What Happens to Gift Cards and Store Credits?

If you have a Mattress Firm gift card or store credit, it is important to use it as soon as possible. During the bankruptcy process, these gift cards and store credits may become void, so it's best to use them while you still can.

5. Is Mattress Firm Going Out of Business?

No, Mattress Firm is not going out of business. Filing for bankruptcy does not necessarily mean that a company is going out of business. It simply means that the company is taking steps to restructure and improve their financial situation. Mattress Firm plans to emerge from bankruptcy as a stronger and more financially stable company.

6. What About Employees?

Unfortunately, with the store closures, there will be some job loss for Mattress Firm employees. However, the company has stated that they will try to relocate as many employees as possible to other stores or positions within the company. They will also offer severance packages to those who are unable to be relocated.

7. What Does This Mean for the Mattress Industry?

The mattress industry has been rapidly changing in recent years with the rise of online mattress retailers. The bankruptcy filing of Mattress Firm is a major event that will have an impact on the industry as a whole. It may lead to more changes and consolidation within the industry as companies try to adapt to the changing market.

8. Are There Any Deals to Be Had?

With the store closures, there may be some deals and discounts available at Mattress Firm locations. If you have been considering purchasing a new mattress, now may be a good time to take advantage of any sales or promotions that may be happening.

9. What Can Customers Expect in the Future?

While Mattress Firm will be closing some stores, they still plan to have a strong presence in the mattress market. They will continue to offer a wide range of brands and products, but they may also focus more on their online sales and presence in order to compete with other online retailers.