The largest mattress retailer in the U.S. has roughly 3,500 locations today. It hopes to restructure its business in bankruptcy court and get out of many unwanted leases. The company said it plans to close roughly 700 of its stores in total, and hopes to complete a prepackaged restructuring within 45 to 60 days.
The retailer, now owned by Steinhoff International Holdings, amassed a huge footprint across the country when it bought rival Sleepy's for $780 million in 2015.
As start-ups like Casper and Purple have entered the mattress market, slashing prices on inventory and gearing their marketing campaigns toward younger generations, Mattress Firm has struggled to compete. Amazon also just recently started selling a foam mattress under its in-house brand, AmazonBasics, that retails for as little as $130.
The Mattress Firm store located at 3045 North Dug Gap Road SW in Dalton, GA is the only store in our area that is affected by this closure