Mattress Firm, Inc. announced it has filed for Chapter 11 bankruptcy as part of a financial restructuring and will close 700 stores, 200 of which will close in the next few days. The stores to close are those where multiple locations are in close proximity to each other, states a press release from Mattress Firm.
As of now, two Tennessee Mattress Firm locations are reported to close – one in Kingsport and one in Knoxville.
Decisions about additional store closings will be made in the next few weeks.
The company expects to complete its restructuring within the next 45-60 days with commitments for $525 million of senior secured credit facilities to fund emergence.
“The Company is continuing to serve customers as usual at stores across the nation and online. Mattress Firm anticipates that deliveries will be made as scheduled, and the Company intends that warranties, guarantees and other customer programs will be honored as usual,” adds the company via press release.
Additional information can be accessed by visiting the Company’s restructuring website at www.mattressfirm.com/restructuring.