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The chain has announced plans to stay in business, but has asked to be protected under Chapter 11 to avoid about 700 unfavorable leases. Mattress Firm has announced that it will quickly close 200 underperforming stores and make the decision to close or keep the other 500 sites in the coming weeks. There are more than 3,300 Mattress Firm stores in the United States.
Mattress Firm plans to come out of bankruptcy in about two months. He hopes liquidity from bankruptcy will allow him to expand into more favorable markets and even open new stores in existing markets.
"We will continue to provide unparalleled value to our customers by providing the highest quality beds at prices that suit all budgets, today, tomorrow and in the future," said the CEO. Steve Stagner.
The stores could help Casper stand out in an overcrowded mattress market. Digital rivals, such as Purple, Leesa, Tuft & Needle and Yogabed, have emerged, while traditional retailers have taken a page from Casper, introducing delivery in a box.
A search for a similar bed on the Mattress Firm website produces dozens of results, which can overwhelm more and more customers. This could push them to online competitors, most of whom only offer two or three types of mattresses.
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