Mattress Firm To Close 2 Austin Locations, 1 Buda Location
The company filed voluntary Chapter 11 restructuring cases in the U.S. Bankruptcy Court in Delaware last week to implement a prepackaged plan of reorganizations that, among other things, provides the company access to new financing.
By, Terra Rivers, Managing Editor
Mattress Firm, Inc., a specialty mattress retailer, Friday, Oct. 5, announced that it is taking action to strengthen its balance sheet and optimize its store footprint.
The company filed voluntary Chapter 11 restructuring cases in the U.S. Bankruptcy Court in Delaware last week to implement a prepackaged plan of reorganizations that, among other things, provides the company access to new financing.
The new financing will help support the business, establish an efficient and orderly process of closing certain economically inefficient store locations and provide for all trade creditors to continue being paid in full for goods and services provided.
As part of the restructuring plan, Mattress Firm will close an initial group of approximately 200 stores in the next few days.
The company’s location on Old San Antonio Rd in Buda and Research Blvd and W. Anderson Ln in Austin. To facilitate the store optimization plan, the Company has also filed motions with the court seeking authority to reject up to 700 leases.
Mattress Firm expects to complete the prepackaged restructuring process within the next 45 to 60 days.
Additional information can be accessed by visiting the Company’s restructuring website at www.mattressfirm.com/restructuring.
Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Epiq, at http://dm.epiq11.com/MattressFirm. Information is also available by calling 877-214-3592 (toll-free in the U.S.) or 503-520-4465 (for parties outside the U.S.).
