Mattress Firm announced its filing for Chapter 11 bankruptcy protection, including the closure of hundreds of stores nationwide.
The traditional brick-and-mortar store has struggled to keep up with declining sales and over-expansion among heavy competition from e-commerce startups like Casper.
The company has about 3,500 stores across the country including nine in the Dayton area, five in Butler County and eight in the Cincinnati area. It plans to close up to 700 stores, including 200 in the next few days, as part of the financial restructuring, according to a company release.
One Ohio store near Cleveland is slated to close, according to an A&G Realty Partners list.
“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,” said Steve Stagner, executive chairman, president and CEO.
This news organization will provide updates about the status of area stores as they become available.
FIVE FAST READS
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.