Over 200 Mattress Firm stores are closing nationwide after the company filed for Chapter 11 bankruptcy last week, but its six shops in Baton Rouge are remaining open for now.
Mattress Firm filed with the U.S. Bankruptcy Court in Delaware last week to implement a prepackaged plan of reorganization for the company and filed motions seeking authority to reject up to 700 leases. The company will decide additional closings in the next few weeks, according to a statement.
As of Monday afternoon, only one Louisiana shop—in New Orleans—is closing.
Steve Stagner, executive chairman, president and CEO of Mattress Firm, said in a statement the company will focus on shuttering stores where the brand has too many locations in close proximity to each other. The company, says Stagner, intends to use the cash from the closings to improve product offerings, open new stores in new markets and strategically expand in existing markets.
The prepackaged restructuring process is expected to be completed within the next 45 to 60 days. There are 3,420 Mattress Firm locations in 49 states. Nationwide, 42.6% of retail locations are within a one-mile radius of each other, according to a Thinknum analysis.
Mattress Firm corporate representatives were unable to be reached for additional comment before this afternoon’s deadline.
