While two St. Louis-area Mattress Firm stores will close in the coming days amid the company’s financial troubles, the clearance store in Fairview Heights will remain open.
As part of it’s recently-filed Chapter 11 bankruptcy, the company plans to close 200 stores nationwide, including one in Marion and more than 20 in the Chicago area. In the St. Louis area. Mattress Firm locations in Ballwin and Richmond Heights also will close.
After acquiring other mattress companies in recent years, Mattress Firm opened too many locations too close together, CEO Steve Stagner said in a statement. The bankruptcy will allow the company to access new financing and to close stores that aren’t making enough money, according to a statement on the company’s website.
“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,” Stagner said in the statement.
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The company also cited competitive pressure from online mattress outlets.
The company could eventually close 700 of its 3,000 locations.
Houston-based Mattress Firm was founded in 1986.