Merced retail store to close following corporate bankruptcy

Mattress Firm files for bankruptcy

Stagner said last month it was evaluating ways to attract extra funding, and bondholders were said to be considering a loan of about $300 million into the firm as part of a bankruptcy filing.

The largest USA mattress retailer, Mattress Firm, said Friday it has filed for Chapter 11 bankruptcy protection, as its corporate parent battles an accounting scandal and the retailer grapples with an onerous store footprint.

The company, founded in 1986, has sales of more than $3 billion.

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No Delaware stores were included in a list of 200 locations that will close in the near future.

Mattress Firm was then acquired for $3.8 billion in September 2016 by Steinhoff International, an integrated retailer that manufactures, sources and retails furniture, household goods and general merchandise worldwide. However, Mattress Firm does not have a shop there. Mattress Firm did not provide a specific date for the closures, but said additional stores will be announced in the coming weeks. Those stores are located "in certain markets where we have too many locations in close proximity to each other", CEO Steve Stagner said in a statement.

Online reviews have replaced going to a store to lie down on a mattress.

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A Mattress Firm store, a brand owned by Steinhoff, is shown in Encinitas, California, U.S., January 25, 2018. "The Company intends that warranties, guarantees and other customer programs will be honored as usual", it said.

Mattress Firm said it has secured $250 million in financing that will allow it to continue operations and pay suppliers.

Stores could help Casper stand out in a crowded mattress market. In a court filing, the company acknowledged "several well-intentioned, but ill-advised, marketing and sales promotions". Mattress Firm denied the allegations.

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