HOUSTON, TX – Mattress Firm, Inc. the nation’s leading specialty mattress retailer, announced Friday that it is taking action to strengthen its balance sheet and optimize its store footprint. To achieve these objectives, the Company and its subsidiaries filed voluntary Chapter 11 restructuring cases in the U.S. Bankruptcy Court in Delaware to implement a prepackaged plan of reorganization that, among other things, provides the Company access to new financing to support the business, establishes an efficient and orderly process for closing certain economically inefficient store locations, and provides for all trade creditors to continue being paid in full for goods and services provided.
Mattress Firm will continue to be the largest specialty mattress retailer in the nation with thousands of stores across the country and remains committed to offering a large selection of quality, brand name mattresses and bedding products at competitive prices. 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.
Steve Stagner, Executive Chairman, President and CEO of Mattress Firm, said, “The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio. Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other. We intend to use the additional liquidity from these actions to improve our product offering, provide greater value to our customers, open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers.”
“Mattress Firm is the nation’s leading specialty mattress retailer, and we will continue to provide unmatched value to our customers by offering the best quality beds at prices that fit any budget today, tomorrow and into the future,” Mr. Stagner continued. “We thank our suppliers and partners for their continued support, as well as the contractors we partner with to make deliveries across our markets, all of whom will continue to be paid in full in the normal course for products and services provided. We also thank our team members for their continued commitment and dedication to serving our customers.”
In conjunction with its prepackaged restructuring plan, Mattress Firm received commitments for approximately $250 million in debtor-in-possession financing, which, subject to Court approval, will be available to support its ongoing operations during the Chapter 11 proceedings. The Company also obtained commitments for $525 million of senior secured credit facilities enabling it to emerge from Chapter 11 and support operations thereafter. Mattress Firm expects to complete the prepackaged restructuring process within the next 45 to 60 days.
Mattress Firm has filed a number of customary motions with the court seeking authorization to support its operations during the restructuring process. These include authority to continue payment of employee wages and health and welfare benefits, and to continue to honor its customer policies and programs, including warranties, returns/exchanges and promotions. The Company’s prepackaged plan of reorganization provides for all suppliers and contractors to be unimpaired by this process. Accordingly, the Company has filed a motion seeking court authorization to pay suppliers and contractors in full under normal terms for all goods and services provided prior to and after the filing date.
To facilitate the store optimization plan, the Company has filed motions with the court seeking authority to reject up to 700 leases. An initial group of approximately 200 stores are expected to be closed in the next few days. Decisions about additional store closings will be made in the next few weeks.
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 https://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.).
A&G Realty Partners is assisting the Company with its store closing and lease restructuring program. Mattress Firm landlords are encouraged to contact A&G Realty Partners through its website, www.agrealtypartners.com.
Sidley Austin LLP is serving as the Company’s legal counsel, AlixPartners LLP is serving as its financial advisor, and Guggenheim Securities, LLC is serving as its restructuring advisor.
Here's the full list of Mattress Firm stores about to close:
- 1817 Cherokee Ave SW Cullman AL
- 3683 Airport Blvd Mobile AL
- 2780 W Chandler Blvd #7 Chandler AZ
- 7230 W Ray Rd Chandler AZ
- 1754 S. Greenfield Rd. ste. 103 Mesa AZ
- 1335 S Alma School Rd, Ste 101 Mesa AZ
- 14900 N. Pima Road, Ste. 101 Scottsdale AZ
- 14601 North Scottsdale Rd, Ste 125 Scottsdale AZ
- 10340 North Scottsdale Rd. Scottsdale AZ
- 4455 S. Rural Rd Tempe AZ
- 9860 Lower Buckeye Road, Ste F-100 Tolleson AZ
- 5545 E Broadway Tucson AZ
- 2100 Panama Lane Bakersfield CA
- 467 East Shaw Ave Fresno CA
- 1414 R Street Merced CA
- 9095 Central Ave Montclair CA
- 25125 Madison Ave Ste 103 Murrieta CA
- 109 S Las Posas Road, Ste 101 San Marcos CA
- 2525 Arapahoe Ave, Ste. E20 Boulder CO
- 570 Zang St, Ste B Broomfield CO
- 1785 E. Cheyenne Mountain Blvd. Colorado Springs CO
- 356 East Harmony Rd 6A Fort Collins CO
- 10460 West Colfax Ave Lakewood CO
- 7205 W Colfax Avenue , Ste 100 Lakewood CO
- 990 Airport Road Rifle CO
- 10398 Reed St. 200 Westminster CO
- 927 West Main Street Branford CT
- 99 Farmington Avenue Bristol CT
- 3475 Berlin Turnpike Newington CT
- 575 Boston Post Road Route 1 Orange CT
- 9 Fieldstone Commons Tolland CT
- 1055 Silas Dean Highway Wethersfield CT
- 3520 N Federal Highway Fort Lauderdale FL
- 6337 Roosevelt Blvd, Ste 1 Jacksonville FL
- 919 Lakeland Park Center DR #370 Lakeland FL
- 7703 West Flager Street., Ste. B Miami FL
- 14200 SW 8th St. Suites 103 thru 106 Miami FL
- 7067 Narcoosee Rd. Orlando FL
- 5048 Bayou Blvd Pensacola FL
- 695 Towne Center Blvd Sanford FL
- 1970 NW Federal Highway Stuart FL
- 1814 West Tennessee Street Tallahassee FL
- 7601 North Point Parkway, #A Alpharetta GA
- 2907 Washington Rd. Bld 4-402 Augusta GA
- 3045 North Dug Gap Road SW Dalton GA
- 4696 Log Cabin Drive, Ste A Macon GA
- 1290 Johnson Ferry Rd Marietta GA
- 16375 N. Merchant Way Nampa ID
- 786 Randall Road Algonquin IL
- 349 E Rand Road Arlington Heights IL
- 2365 N Farnsworth Avenue Aurora IL
- 4300 E. New York St. - Suite A Aurora IL
- 1569 N. State Route 50 Bourbonnais IL
- 7550 Broadview Village Square, Ste 7600C Broadview IL
- 1330 S Torrence Calumet City IL
- 2000 N. Clybourne Ave. Chicago IL
- 2121 N. Clybourn Ave. Chicago IL
- 4840 N Pulaski Road Chicago IL
- 4805 W Irving Park Road Chicago IL
- 9935-51 S. Ridgeland Avenue Chicago Ridge IL
- 1710 Sherman Avenue Evanston IL
- 1749 S. Randall Road Geneva IL
- 4650 Hoffman Blvd Hoffman Estates IL
- 4600 Hoffman Blvd Hoffman Estates IL
- 9 East Golf Road Hoffman Estates IL
- 2703 W. Deyoung Street Ste. B Marion IL
- 1413 W. North Ave Melrose Park IL
- 2 East Rand Road Mount Prospect Mount Prospect IL
- 2320 E. Lincoln Highway #109 New Lenox IL
- 2405 Lincoln Highway New Lenox IL
- 1600 West 16th Street Suite T23 Oak Brook IL
- 2326 Route 34 Oswego IL
- 2317 S. Route 59 Plainfield IL
- 100B E. Golf Road Schaumburg IL
- 9240 Skokie Blvd Skokie IL
- 310 Randall Road South Elgin IL
- 1137 S Mannheim Rd Westchester IL
- 10412 Indianapolis Blvd Highland IN
- 4335 East 82nd Street, Ste 107 Indianapolis IN
- 25 US Route 41 Schererville IN
- 15830 Shawnee Mission Pkwy Shawnee KS
- 11747 East Kellog Drive Wichita KS
- 6836 West Kellogg Wichita KS
- 438 S. Rock Road Wichita KS
- 4139 Fort Campbell Blvd Hopkinsville KY
- 4100 General DeGaulle Dr., Ste. 1 New Orleans LA
- 205 Huttleson Avenue Unit #50 Fairhaven MA
- 388 Patriot Place Foxboro MA
- 1081 Washington Street Newton MA
- 172 North King Street Route 5 Northampton MA
- 57 Andrew Avenue Wayland MA
- 174 Littleton Road Westford MA
- 1016 Beards Hill Road Suite K Aberdeen MD
- 7911 Belair Road Baltimore MD
- 1625 Fleet Street Baltimore MD
- 1445 Rock Spring Road Bel Air MD
- 6600 Baltimore National Pike, Suite P Catonsville MD
- 22750 Newcut Road Suite D1 Clarksburg MD
- 1170 West Patrick St Frederick MD
- 3531 Washington Blvd Halethorpe MD
- 1701 Rockville Pike Suite A14 Rockville MD
- 912C Taylor Avenue Towson MD
- 6666 Security Blvd-STE 17-20 Woodlawn MD
- 2049 West Grand River Avenue Okemos MI
- 2556 1st Street South Willmar MN
- 14169 Manchester Road, Suite C Ballwin MO
- 12344 US 71 Highway Grandview MO
- 1142 S. Brentwood Boulevard Richmond Heights MO
- 1595 Glidewell Drive Suite 101 Burlington NC
- 3137 Waltham Blvd Burlington NC
- 8204 Tryon Woods Drive Cary NC
- 8506 S Tryon Street Unit E Charlotte NC
- 1809 Sardis Road N Charlotte NC
- 1402 West Ehringhaus Street Elizabeth City NC
- 2501 East Franklin Blvd, Ste. Gastonia NC
- 2510 Battleground Ave Greensboro NC
- 2504 Battleground Avenue Greensboro NC
- 610 SE Greenville Blvd Greenville NC
- 4008 Brian Jordan Place High Point NC
- 7248 GB Alford Highway Holly Springs NC
- 14045 East Independence Blvd Suite C4 Indian Trail NC
- 1011 S Main St Kernersville NC
- 9901 E. Independence Blvd Matthews NC
- 1834 Matthews Township Parkway Matthews NC
- 252 Turnersburg Highway Statesville NC
- 8201 Market Street Wilmington NC
- 235 Harvey Street Winston Salem NC
- 3274 Silas Creek Parkway Suite #33-36 Winston-Salem NC
- 8420 South 71st Plaza Suite 103 Papillion NE
- 303-C South Broadway Salem NH
- 557 Route 130 North East Windsor NJ
- 80 South Whitehorse Hammonton NJ
- 3231 Brunswick Pike Lawrence Township NJ
- 92 Ferry Street Newark NJ
- 745 Route 46 Parsippany NJ
- 243 US Highway 46 West Saddle Brook NJ
- 945 Flatbush Avenue Brooklyn NY
- 5121 Avenue U Brooklyn NY
- 1040 Old Country Road Plainview NY
- 1462 Hylan Blvd Staten Island NY
- 6267 Wilson Mills Rd. Highland Heights OH
- 4139 W. Reno Oklahoma City OK
- 11600 SE Mille Plan Blvd, Suite 3D Vancouver OR
- 5110 Library Road Bethel Park PA
- 445 West Dekalb Pike King of Prussia PA
- 1256 Millersville Lancaster PA
- 35 Willowdale Drive Lancaster PA
- 901 East Main Street Space #20 Palmyra PA
- 1619 Grant Avenue Grant Plaza, Suite 1 Philadelphia PA
- 3400 North 5th Street Reading PA
- 472 Shrewsbury Commons Avenue Shrewsbury PA
- 1 New London Avenue Cranston RI
- 7381 Rivers Ave., Ste 102 Charleston SC
- 131 Harbison Blvd., Ste 100 Columbia SC
- 6208A Garners Ferry Road Columbia SC
- 106 Percival Road, Ste 100 Columbia SC
- 5075 Sunset Blvd Lexington SC
- 2391 Dave Lyle Blvd, Suite 106 Rock Hill SC
- 1704 E Stone Rd, Ste. 102 Kingsport TN
- 7412 Kingston Pike Knoxville TN
- 4629 South Cooper St., Ste. 125 Arlington TX
- 9705 Research Blvd Suite A Austin TX
- 3200 W. Anderson Ln, Ste 101 Austin TX
- 12908 Shops Pkwy Unit 100 Bee Cave TX
- 710 Old San Antonion Rd Buda TX
- 13000 N FM 620 RD SB Cedar Park TX
- 804 Interstate 45 N Conroe TX
- 4826 Greenville Avenue Dallas TX
- 15340 Dallas Parkway Suite 2150 Dallas TX
- 1725 I-35 East Denton TX
- 17689 Tomball Pkwy Houston TX
- 9319 Highway 6 South, Suite C Houston TX
- 6429 Westheimer Road Houston TX
- 3115 West Loop S. Houston TX
- 1266 Fry Road Houston TX
- 9930 Katy Freeway , #600 Houston TX
- 1005 Westheimer Rd Houston TX
- 7592 FM1960 Houston TX
- 1443 S. Mason Rd Katy TX
- 349 S. Mason Rd Katy TX
- 4770 State Highway 121, Suite 130 Lewisville TX
- 5710 Highway 6 Missouri City TX
- 11470 Broadway Street Ste 110 Pearland TX
- 1810 FM 685 #200 Pflugerville TX
- 3937 North Central Expressway Plano TX
- 20400 Southwest Freeway, Ste. 100 Richmond TX
- 537 East I-30 Rockwall TX
- 115 Sundance Pkwy, Ste 520 Round Rock TX
- 14791 IH-35, # 108 Schertz TX
- 2645 E. Southlake Blvd., Ste. 140 Southlake TX
- 26526 I-45 N Spring TX
- 2735 Town Center Blvd Sugar Land TX
- 5733 State Hwy 121 Ste 200 The Colony TX
- 1335 Lake Woodlands Dr. Suite C The Woodlands TX
- 19325 Gulf Freeway Webster TX
- 1122 S. University Ave. Provo UT
- 2632 W. 3500 South West Valley City UT
- 717 Dominion Square Shopping Center Culpeper VA
- 9600 Main Street Suite B Fairfax VA
- 1065 West Broad St. Falls Church VA
- 5629 Plank Road Fredericksburg VA
- 135 Crooked Run Plaza Suite #50 Front Royal VA
- 4400 Kilgore Avenue Hampton VA
- 141 Stonebridge Plaza Ave Richmond VA
- 47020 Harry Byrd Highway Suite #2 Sterling VA
- 235 Market Street Winchester VA
- 5003 Tacoma Mall Blvd Tacoma WA
- 301 Tukwila Pkwy Tukwila WA
- 217 Oak Lee Drive Suite 24 Ranson WV