Company Files for Chapter 11 Bankruptcy: Will it Affect Our Rochester Location?
Around 200 Mattress Firm stores are expected to close up shop over the next few days as the company filed Chapter 11 bankruptcy last week. Mattress Firm, the largest mattress manufacturer in the U.S. says the company has 3,500 stores across the country and plans to close up to 700 as it restructures.
It's unclear which stores will close around Minnesota yet, if at all, including the one here in Rochester, but it's assumed that at least several of the stores that are close in proximity will shut their doors.
According to USA TODAY, Steve Stagner, who is the President and CEO of Mattress Firm says:
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.
That certainly seems to define the Mattress Firm store here in Rochester. For example, there are 19 locations in and around the Twin Cities, so perhaps a few of those will be liquidated? Only time will tell.
A complete restructuring of Mattress Firm should be complete within the next couple of months.