Steinhoff’s Mattress Firm Goes Bankrupt, Shuts Some Stores
- Sleepy’s, 1800mattress.com included in Delaware court filings
- About 700 stores to close as part of chain’s turnaround plan
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Mattress Firm Inc., the troubled bed retailer of scandal-plagued Steinhoff International Holdings NV, filed for bankruptcy Friday with plans to shutter up to 700 stores.
A plan to speed through a U.S. Chapter 11 bankruptcy within 45 to 60 days was disclosed along with the court filing in Wilmington, Delaware. By shaving off some of its more than $3.2 billion in debt, and using bankruptcy law’s power to break unattractive leases, Mattress Firm aims to stay in business by giving lenders a partial stake in the reorganized firm.