Mattress Firm to close MI store after filing for bankruptcy

Mattress Firm to close MI store after filing for bankruptcy

Mattress Firm to close MI store after filing for bankruptcy

According to the filing, the company owes a whopping $90million to mattress supplier Serta Simmons, its largest creditor.

The company's two Garden City stores are almost across the street from each other, just south of the corner of State and Glenwood streets.

According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors.

"Mattress Firm is some sort of giant money laundering scheme".

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The company has said the first wave of stores could close within days.

After acquiring other mattress companies in recent years, Mattress Firm opened too many locations too close together, CEO Steve Stagner said in a statement.

Redditors argued that the chain had too many stores in the USA given that mattresses are a product that is typically bought every seven to 10 years. Two other stores will be closed in San Marcos and Murrieta.

ME locations of Mattress Firm stores were not among the 209 listed for immediate closure in documents sent to the BDN by Mattress Firm representative Erica Martinez of marketing firm Jackson Spaulding.

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The company is also facing stiff competition from "mattress in a box" online sellers like Caspar as well as furniture retailers that have refused to bow out of the profitable business. "The Company intends that warranties, guarantees and other customer programs will be honored as usual", it said.

The retailer has also received $650 million to fund ongoing operations and repay debt and costs associated with the restructuring.

In December 2017, Steinhoff CEO Markus Jooste and its executive chairman, Christo Wiese, resigned amid investigations into accounting irregularities, The Wall Street Journal reported. In a court filing, the company acknowledged "several well-intentioned, but ill-advised, marketing and sales promotions".

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