Mattress Firm is about to close more than 200 stores — here's a - WRCBtv.com | Chattanooga News, Weather & Sports

Mattress Firm to close more than 200 stores

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Mattress Firm filed for Chapter 11 bankruptcy protection on Friday and is expected to close a little more than 200 stores as soon as the next few days.

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

Find other stores closing on CNBC's website

 

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