Mattress Giant Collapses, 700 Stores to Close
The retailer is expected to close up to 700 stores, with 200 closing within the next few days.
Mattress Firm, the largest U.S. mattress retailer has filed for Chapter 11 Bankruptcy protection. Mattress Firm has 3,500 stores across the country. The stores are cheap to run and face little price competition.
But, now with online retailers selling mattresses with little or no mark up, the pricing umbrella is collapsing, according CNBC.
Bankruptcy is often a tool a company will use to get out of unwanted leases. Mattress Firm will close up to 700 stores in certain markets that have too many locations in close proximity to one another.
They will begin to close roughly 200 store within the next few days. Mattress Firm expects to complete a prepackaged restructuring with the next 45-60 days.
The Hudson Valley has a bunch of Mattress Firm locations. Will any of those be affected by the bankruptcy?