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It has long been speculated that Mattress Firm, the US mattress retailing giant, was in a solvency crisis, largely as a result of an aggressive expansion strategy in recent years coupled with the spectacular collapse of its parent, Steinhoff International Holdings NV following an accounting scandal in late 2017 and has been struggling to restructure the debt of some subsidiaries with its creditors.
Well now it's all over.
Liabilities - Creditors - Simmons - Manufacturing - Co
With liabilities of at least $1 billion and over 50,000 creditors (including Simmons Manufacturing Co. and Serta Mattress Co.), Mattress Firm - US' largest mattress retailer - has filed for Chapter 11 bankruptcy in Delaware (along with a dozen other affiliates - including units of well-known brand names such as Sleepy’s and 1800mattress.com).
As Bloomberg reports, the company plans to complete a restructuring within 45 to 60 days, closing poorer performing stores, and has a commitment of $525 million in senior secured credit to fund its turnaround, according to a Friday statement.
Mattress - Firm - Web - Site - Stores
According to Mattress Firm’s web site, it has more than 3,000 stores across 49 states,...
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