Mattress Firm plans to close up to 700 stores over the next few months as part of a plan to offload debt and repay creditors. The announcement came just hours after the company filed for Chapter 11 bankruptcy protection in Delaware on Friday.
In a conference call with landlords for the more than 3,000 Mattress Firm stores across the country, CEO Steve Stagner said the company plans to do an initial round of store closures over the next few days, which will see about 200 stores shuttered. Stagner said the company is targeting locations where it has multiple stores in the same city.
“We have reviewed every store’s performance to come up with a plan for how to approach these closures,” Stagner said. “It may mean that we will be closing some profitable stores in places where we have multiple locations.”
Mattress Firm operates at least 45 stores in Greater Washington, from Woodbridge in Prince William County to Clarksburg in Montgomery County. It sits on some pricey D.C. real estate,…Read the full story from the Washington Business Journal.