Houston-based Mattress Firm plans to close up to 700 stores as part of its Chapter 11 bankruptcy reorganization plan. More than 200 of those stores are expected to close their doors in the coming days.
The highly anticipated filing — due mostly to ongoing real estate fraud litigation — allows the company to reduce its footprint without interrupting payment to its vendors and employees, the company stated in a release. A&G Realty Partners will handle the store closures.
“Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other,” CEO Steve Stagner said in a release. “We intend to use the additional liquidity from these actions to improve our product offering, provide greater value to our customers, open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers.”
Mattress Firm held a conference call with some of its landlords Friday afternoon to discuss the effects of the bankruptcy, sources tell Bisnow.
Thirty-five Mattress Firm locations will be closing in Texas, along with 30 in Illinois and 20 in North Carolina. Hundreds more are expected to close in the 60 days it will take Mattress Firm to go through the Chapter 11 process.
Find the complete list of immediate Mattress Firm closures below:
Mattress Firm store closings by Jon Banister on Scribd
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