Did Mattress Firm File For Bankruptcy

Mattress Firm Makes Quick Bankruptcy Exit

Houston-based sleep shop chain Mattress Firm emerged from Chapter 11 bankruptcy Nov. 11, 2018, having filed voluntarily on Oct. 5 at the U.S. Bankruptcy Court in Delaware.

At the time of filing, the company had said it hoped to exit bankruptcy within 45 to 60 days. It planned to implement a prepackaged plan of reorganization that would allow it to gain access to new financing, remain in full operation, exit as many as 700 store leases at underperforming locations, and pay its suppliers and contractors in full.

According to a news release, the retailer emerged with an optimized balance sheet and slimmed down store footprint of about 2,600 locations across the United States or close to 900 fewer stores than it operated prior to filing. The company obtained $525 million of committed exit financing to support operations and future growth initiatives, including a $125 million revolving credit facility that will be undrawn at closing.

Our successful emergence from Chapter 11 is a testament to the hard work of our associates. It was their tremendous loyalty, effort and dedication that allowed us to efficiently complete this restructuring process in just 48 days. I am honored to lead this incredible team forward as we continue to provide customers with unmatched value and service.

Mattress Firm Files For Bankruptcy Will Close Up To 700 Stores

After weeks of rumors regarding its future, Mattress Firm filed for Chapter 11 bankruptcy protection and will begin to close roughly 200 stores in the next few days. Presently operating approximately 3,500 stores, Mattress Firm will shutter up to 700 stores in certain markets leading up to the holiday season, according to CEO and Executive Chairman Steve Stagner.

Mattress Firm expects to complete a prepackaged restructuring within 45 to 60 days, and intends to use the additional liquidity from these actions to improve its product offering, open new stores in new markets and strategically expand in existing markets, Stagner said.

The bankruptcy filing lists more than $1 billion each in both assets and liabilities, and includes units of well-known brand names such as Sleepys and 1800mattress.com.

The mattress retailer has secured approximately $250 million in debtor-in-possession financing to support its operations under bankruptcy. It also has secured $525 million in financing to help its emergence from bankruptcy and to continue operations.

Trouble has been brewing for Mattress Firm for quite some time due to operating an excessive number of stores, many often located within close proximity to each other. The retailer also has seen an array of competitors pop up in the online direct-to-consumer space, including Casper, Leesa, Tuft & Needle and Purple, allof which have provided simpler, more transparent price points than Mattress Firm.

Exclusive: Mattress Firm Explores Us Bankruptcy To Close Stores

By Jessica DiNapoli

3 Min Read

– Mattress Firm Inc, the largest U.S. mattress retailer, is considering a potential bankruptcy filing as it seeks ways to get out of costly store leases and shut some of its 3,000 locations that are losing money, people familiar with the matter said.

Mattress Firm’s deliberations offer the latest example of a U.S. brick-and-mortar retailer struggling financially amid competition from e-commerce firms such as Amazon.com Inc AMZN.O. Shares of Mattress Firm competitor Tempur Sealy International Inc TPX.N jumped on the news and ended trading on Monday up 5.2 percent at $52.64.

Mattress Firm’s South African parent, Steinhoff International Holdings NV SNHJ.J, has been working on a deal to restructure the debt of some subsidiaries with its creditors, following an accounting scandal. Creditors agreed last month to hold off on their debt claims for three years.

Steinhoff acquired Mattress Firm for $3.8 billion in 2016.

Both Houston-headquartered Mattress Firm and Steinhoff are working with consulting firm AlixPartners LLP, the two sources said this week. AlixPartners helps companies plan and execute turnaround strategies, and is often brought in to lay the ground for bankruptcy.

The sources, who requested not to be identified because the plans are private, cautioned that Mattress Firm has not made any final decisions and its plans could change.

Steinhoff booked a $12 billion write-down earlier this year relating to accounting irregularities.

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How Much Is Mattress Firm Delivery Fee

mattressdelivery feepricemattresspricemattressfeemattressprice

When Did Mattress Firm File Bankruptcy

4.9/5Mattress FirmbankruptcyfiledBankruptcyfilingcompanybankruptcy

Mattress Firm has filed for bankruptcy and is closing hundreds of stores. On Friday morning, the mattress-store chain said it would be closing up to 700 stores across the United States. It owes the mattress producer Serta Simmons, its largest creditor, just over $90 million, according to its bankruptcy filing.

One may also ask, when did Mattress Firm start? July 4, 1986

In this way, why did Mattress Firm go out of business?

In the span of a year, the mattress retailer has been accused by internet sleuths of running a money-laundering operation, announced it would be closing almost 200 stores, watched on as its parent company’s business practices have been investigated, and battled an ongoing lawsuit against two former employees, a broker,

What mattress company went out of business?

In addition, a top Mattress Firm supplier, Tempur Sealy International, stopped selling to the company over a pricing dispute. And Mattress Firm’s parent company, Steinhoff International, has been bogged down with accounting woes that forced its CEO to resign last year.

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True Religion Apparel Inc

Date:;July;2017

Category/Product: Denim;& jeans

Summary: California-based denim retailer True Religion was another company who sought bankruptcy in efforts to revive itself from huge debts and decreasing sales. The company struggled to retain business in a difficult denim market that was being chipped away by the athleisure clothing trend as well as fast fashion and low-priced retailers. After filing for Chapter 11 protection in July, the company exited in October with plans;to establish a smaller footprint and increase digital growth.

The Company Expects To Complete Its Restructuring In 45 To 60 Days And To Get Court Approval To Close As Many As 700 Stores Before Years End

Steinhoffs cash-strapped US operation, Mattress Firm, has filed for voluntary bankruptcy as part of a restructuring that will result in up to 20% of its 3,400 stores closing and the sale of 49.9% of the business to funders who are providing $525m to support the restructuring.The restructuring, which comes just more than two years after Steinhoff paid a hefty $2.4bn for 100% of the largest mattress retailer in the US and took on its $1.4bn debt, includes the repayment of $84m to Steinhoff and its release from loan guarantees to Mattress Firm.The August 2016 acquisition was given the thumbs up by the market despite the payment of a premium of 115% for the debt-laden mattress retailer.The deal was the last major transaction by Steinhoff before reports of accounting irregularities in December 2017 led to a 95% slide in its share price within a matter of weeks, wiping more than R190bn off its market capitalisation in what has become one of the largest corporate scandals in SA history…

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What’s Next For Mattress Firm After Bankruptcy And Putting 700 Stores To Sleep

Will Mattress Firm continue to attract enough smiling customers to make its post-bankruptcy era a… success?

The bankruptcy filing today by the largest bedding retailer in the country, Mattress Firm, was both very much expected and only the opening move in what promises to be a lot of twists and turn on its way back to a sound business strategy.

For company executives, shareholders, employees, industry suppliers and probably more than a few shoppers, this will no doubt mean a lot of sleepless nights before its all resolved.

The company said it is closing 700 of its 3,500 stores over the next two months, including about 200 almost immediately. It has arranged for all of the requisite interim financing and is talking about coming out of all of this better, if not necessarily bigger, when everything is done.

And although that is quite possible, its by no means a certainty. While this is not a Toys “R” Us total meltdown, Mattress Firm is dealing with a whole slew of problems that it needs to resolve before were talking about its successful resurrection.

;Even after the closings, it will still have 2,800 retail locations, the result of a seemingly never-ending expansionary roll-up that saw it buy competitors Sleepys, Sleep Train and others. This created a physical footprint with extensive overlap and more than its fair share of rotten real estate. Dont be surprised if that 700 number gets bigger somewhere along the line.

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The owner of Serta Simmons, the nations largest mattress maker, is weighing a plan to acquire Mattress Firm if the struggling retailer goes bankrupt, The Post has learned.

Serta Simmons owner Advent International, a Boston-based buyout firm, may bid for the biggest US mattress retailer once it files for Chapter 11 a filing that may happen as soon as this week, according to sources.

Advent had been considering a deal to rescue Mattress Firm by scooping it up ahead of a possible bankruptcy filing, sources told The Post last month.

The troubled retailer owes more than $100 million in receivables to Serta and, last year, Serta shelled out another $100 million to launch a five-year marketing partnership with Mattress Firm across its 3,300 stores.

It appears, however, that Advent and Mattress Firm have failed to agree on a price, according to sources briefed on the talks.

Mattress Firm, meanwhile, has since agreed to give Serta Simmons preferred vendor status in a bankruptcy so it would be paid in full for its receivables, a source said an unusual move that would put it ahead of debt holders, according to a source whos close to the situation.

An Advent acquisition of Mattress Firm would likely preserve Serta Simmons status as the dominant supplier to Mattress Firm a position that was bolstered last year when the retailer dropped Tempur Sealy in a contract dispute.

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Mattress Firm Files For Bankruptcy Plans To Close Up To 700 Stores

The Washington Post

Mattress Firm, the country’s largest mattress chain, filed for bankruptcy Friday, as the latest retailer to succumb to mounting online competition.

The Houston-based company, which has 3,400 locations nationwide, plans to close 200 stores in the coming days and as many as 700 by year’s end, according to its bankruptcy filing. The company said it does not anticipate delayed deliveries and will keep paying its suppliers in full. The Tampa Bay area has about 30 locations, including the chain’s clearance and markdown stores.

“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,” Steve Stagner, chief executive of Mattress Firm, said in a statement. He added that the company would use the money it saved from store closings to “improve our product offering, provide greater value to our customers and strategically expand in existing markets where we see the greatest opportunities to serve our customers.”

Mattress Firm is the latest in a string of national retailers, including Brookstone and Nine West, to file for bankruptcy as consumers flock online. The company, founded in 1986, has long had a stronghold on the mattress industry. In 2015, it bought rival Sleepy’s for $780 million and announced plans to expand throughout the Northeast and Mid-Atlantic regions.

Why Did Mattress Firm Filed For Bankruptcy

4.3/5Mattress Firmmattressbankruptcy filingbankruptcyMattress Firmcompany

Houston-based sleep shop chain Mattress Firm emerged from Chapter 11 bankruptcy Nov. 11, 2018, having filed voluntarily on Oct. 5 at the U.S. Bankruptcy Court in Delaware. At the time of filing, the company had said it hoped to exit bankruptcy within 45 to 60 days.

One may also ask, what mattress company went out of business? In addition, a top Mattress Firm supplier, Tempur Sealy International, stopped selling to the company over a pricing dispute. And Mattress Firm’s parent company, Steinhoff International, has been bogged down with accounting woes that forced its CEO to resign last year.

Secondly, why did Mattress Firm go out of business?

In the span of a year, the mattress retailer has been accused by internet sleuths of running a money-laundering operation, announced it would be closing almost 200 stores, watched on as its parent company’s business practices have been investigated, and battled an ongoing lawsuit against two former employees, a broker,

Did Mattress Giant go out of business?

That’s why Mattress Firm, America’s largest bed store, has filed for bankruptcy. The chain said it plans to remain in business, but it filed for Chapter 11 bankruptcy protection to get out of about 700 unfavorable leases.

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Global Brands Group Usa

Date: July 2021

Category/Product: Apparel;

The North American arm of apparel maker and brand owner Global Brands filed for Chapter 11 bankruptcy at the end of July. Established in 2005 by the century-old Li & Fung, the company licenses major brands such as All Saints, Saga, and Le Tigre and makes private label products as well. A large majority of its sales come from wholesaling to major retailers like Macys, Nordstrom, Bloomingdales, and Costco, which left it vulnerable to the decline of retail store foot traffic and consumer spending brought on by the pandemic. Compounded by supply chain disruption, liquidity issues, and pressing royalty obligations, Covid-induced shifts led to sales dropping 44% in the fiscal year ended March 2021. GBG USA entered into purchase agreements for its Aquatalia brand and others and looked to sell its remaining assets under court supervision.;

Mattress Firm Closing Hundreds Of Stores After Bankruptcy

Mattress Firm filed for bankruptcy on Friday, with the bed retailer saying it plans to close hundreds of stores.

The country’s largest mattress chain, which has 3,400 locations nationwide, will shutter 200 stores over the next few weeks and as many as 700 by year-end, according to its Chapter 11 filing seeking bankruptcy protection. The company plans to continue operating and paying its suppliers.

“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,” Steve Stagner, the company’s CEO, said in a statement. Declaring bankruptcy will allow the company to “strengthen our balance sheet,” he added.

According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors. It owes its largest creditor, Atlanta-based mattress maker Simmons Manufacturing Co., nearly $65 million.

Mattress firms has sales of more than $3 billion, but in court documents the company said it expects to lose about $150 million in in fiscal year 2018.;

Mattress Firm is the most recent in a series of bankruptcies by national retailers as consumers chose to purchase goods online.;;

The company’s filing comes only days after Amazon said it would delve into the online “bed-in-a-box” business. Walmart also entered the fray earlier this year with its own online premium mattress brand, Allswell.

Founded in 1986, Mattress Firm bought competitor Sleepy’s for $780 million in 2015.;

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Up To 700 Stores Will Be Closed As Chain Pursues Reorganization

Mattress Firm said it has too many locations in close proximity to each other.

Mattress Firm Inc., the largest specialty mattress seller in the U.S., filed for bankruptcy protection Friday, the victim of increasing competition from discount retailers, too many of its own stores and the loss of a key supplier.

The Houston-based retailer, which had gobbled up dozens of rivals over the past decade, sought chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. The filing follows a deal struck in July with bondholders of its troubled parent,Steinhoff International Holdings SNH -3.34% NV, which took Mattress Firm private two years ago for $3.8 billion.

The bankruptcy marks a rapid fall for the once high-flying bedding retailer and Steinhoff, the South Africa-based retail conglomerate that has been called Africas IKEA. Steinhoff, whose purchase of Mattress Firm marked its entry into the U.S. market, has been caught up in an accounting scandal that erupted in December. Its creditors, who hold billions of dollars of the companys bonds, agreed to suspend all payments on its debt for three years. Steinhoff is expected to launch a debt restructuring for its European business in the U.K. later this month.

Mattress Firm, the market leader in the U.S. with more than 3,200 stores and more than $3 billion in annual revenue, has its own problems. The retailer finds itself with too many stores as its sales have slumped and it struggles to integrate rival chains it bought.

Mattress Firm Files For Bankruptcy And Plans Restructuring

Brick-and-mortar mattress retailer Mattress Firm announced that it has filed for Chapter 11 bankruptcy.

The company states the move is part of a financial restructuring that includes the closing of up to 700 low-performing store locations. They have sought a line of credit to ensure that operations can continue during the reorganization.

In a press release, Executive Chairman and President and CEO of Mattress Firm Steve Stagner said, 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.

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Here’s The Full List Of 209 Stores Mattress Firm Has Said Will Close Imminently: