Over the last several years, the number of Mattress Firm stores in the United States has expanded at a rapid rate. At this point, there are over 3,000 locations around the nation. Now, however, the mega-popular retailer has to say "goodnight" to several of their locations.
Mattress Firm has dominated the mattress industry as it's the largest U.S. mattress retailer. Now, however, they have reported some unfortunate news. They revealed that they may have to file for bankruptcy.
According to Reuters, the corporation revealed that they are needing to shut down some of their 3,000 locations around the nation in order to combat losing money on "costly store leases."
Sadly, this is another major retailer that is struggling financially in today's online world. Several other dominant retailers have been forced to shut down many brick and mortar locations because of the rise of popularity of online shopping.
According to reports, Mattress Firm's parent, Steinhoff International Holdings NV, has been attempting to restructure their debt after undergoing an "accounting scandal."
Initial reports claimed that Steinhoff and Mattress Firm were each working with AlixPartners, who typically helps companies to plan turnaround strategies when they are on the brink of bankruptcy.
At this point, it is still unclear how many stores Mattress Firm Inc. will shut down, or if the company will officially file for bankruptcy. We will continue to update as more information is made available.
In other recent news, police responded to shots fired at a New York hospital where there was an alleged murder-suicide. Please keep that situation in your prayers.