Mattress Firm Announces Bankruptcy And Stores Closing
Mattress Firm is the latest brick and mortar store to file bankruptcy. The Mattress store announced on Friday that they were filing for Chapter 11 bankruptcy, according to USA Today.
The story says that bed-in-box online retailers have recently hurt business. So the next time someone says "Who'd buy a mattress that comes in a box?" You now have your answer, "Enough people to make Mattress Firm file bankruptcy."
Unlike some other stores that have completely gone out of business after filing bankruptcy (i.e. Toys R Us) Mattress Firm just plans to close 700 stores. I know, that sounds like a bunch, but they currently have 3,230 stores owned by the company. They hope by closing a few stores it will help them bounce back.
We’ll have to wait and see if any of our other West Michigan stores will be affected by the Friday announcement. USA Today says Mattress Firm employs around 10,000 people nationwide.