Mattress Firm Files for Bankruptcy, Closing 700 of 3,000 U.S. Stores

The Houston-based company filed for Chapter 11 bankruptcy protection on Friday.  Mattress Firm said approximately 200 closings will happen immediately and the remaining 500 will close by the end of the year.  Mattress Firm plans to close as many as 700 of its 3,230 company-owned stores. 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.

According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors.   MORE INFO: HERE