Mattress Firm Emerges From Bankruptcy After Restructuring
November 22 2018 - 1:44AM
Dow Jones News
By Adria Calatayud
Mattress Firm Inc. has emerged from bankruptcy protection after
completing a restructuring and securing $525 million in exit
financing, parent Steinhoff International Holdings NV. (SNH.JO)
said Thursday.
The U.S.'s largest mattress seller, which filed for chapter 11
bankruptcy last month, will exit around 660 underperforming stores,
South Africa-based Steinhoff said.
"This short process has enabled Mattress Firm to strengthen its
balance sheet and optimize its store footprint, and it emerges as a
stronger and more competitive company," Steinhoff's acting Chief
Executive Danie van der Merwe said.
Mattress Firm last week won court approval for its bankruptcy
plan and is now expected to operate around 2,600 stores.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
November 22, 2018 01:29 ET (06:29 GMT)
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