Mattress Firm has filed for Chapter 11 bankruptcy protection and will close up to 700 stores, the Houston-based chain announced Friday. About 200 stores are expected to close in the next few days, and decisions about additional store closings will be made soon after.
Steve Stagner, the company’s CEO, said the stores that will close are “in certain markets where we have too many locations in close proximity to each other.”
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He said the company intends to use “the additional liquidity” from the bankruptcy to “open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers.”
Material from The Associated Press was used in this report.
