Texas-based Mattress Firm Inc. has announced it has filed for Chapter 11 bankruptcy and plans to close up to 700 stores ahead of the holiday season. The company will close up to 200 stores within a few days, including three in Indiana.
The Indiana stores affected by the initial round of closures are located in Indianapolis, Schererville, and Highland. Mattress Firm did not provide a specific date for the closures, but said additional stores will be announced in the coming weeks. The precise locations of the Indiana stores affected are:
- 10412 Indianapolis Blvd, Highland
- 4335 East 82nd Street, Ste 107, Indianapolis
- 25 US Route 41, Schererville
Steve Stagner, chief executive officer of Mattress Firm, said in a news release Friday the stores that will be affected by the closure are in certain markets where the company has too many locations in close proximity to each other.
"The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio," said Stagner. "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 says it expects to complete the restructuring process within the next 45 to 60 days.