Mattress Firm to close 200 stores


Mattress Firm will close about 200 underpeforming stores in the next 18 months, the company announced this week.

The Houston-based mattress retailer did not disclose what stores would close. Mattress Firm has about 3,300 stores around the U.S., including store locations in Beavercreek, Centerville, Dayton, Huber Heights, Miamisburg, Middletown, Troy, Springfield, South Lebanon, Liberty Twp., Hamilton and West Chester.

» MUST-READ BUSINESS NEWS: Sick of cold weather? 5 cheap local flights to warm destinations

The closures were announced at a recent meeting. Mattress Firm was purchased by Steinhoff International Holdings NV for $3.8 billion about a year ago.

Mattress Firm Inc. also announced this week that it entered into a credit agreement up to $225 million. The company said the credit facility would be available for working capital needs and other general corporate purposes. It has an initial principal availability of $75 million, but the company said it plans to upsize the facility in increments to boost the total principal amount to $225 million.

“Over the past year we have made multiple strategic investments that position us to build on our long-term vision to become the largest U.S. vertically integrated mattress retailer,”he said. “These investments included accelerating our national rebranding to the Mattress Firm banner, adjusting our merchandise offering to offer better value to consumers, and improving our organizational structure.”

Earlier this year, international mattress maker Tempur Sealy announced it terminated its contract with U.S. retailer Mattress Firm Holdings Corp. following “considerable changes to their agreements, including significant economic concessions.”

FIVE FAST BUSINESS READS

Woman convicted of teen slaying in Dayton released on Christmas Day

No more waiting? Kroger looking to eliminate checkout lanes

Currency of the future? Some argue it’s bitcoin

Southwest Airlines adds new flight at local airport

7 things we learned about lead, local water infrastructure this year



Reader Comments ...


Next Up in Business

A unique new Springfield facility gets a grant to help it fight trash waste. Here’s what will happen.
A unique new Springfield facility gets a grant to help it fight trash waste. Here’s what will happen.

A unique compost facility meant to be odorleess that is set to be built outside the downtown Springfield area has received a state grant to aid in its construction. Officials from the Clark County Commissioner’s Office recently accepted a $250,000 grant from the Ohio Environmental Protection Agency’s Market Development Program for the Central...
Toddler toys, decorative pillows, and water bottles among the latest product recalls 
Toddler toys, decorative pillows, and water bottles among the latest product recalls 

Children’s xylophones, water bottles sold at Costco, and 21 styles of decorative pillows are among the latest recalls announced by the Consumer Product Safety Commission.  The Petit Collage musical jumbo wooden xylophones made by Wild & Wolf are under recall because the ball on the end of the stick can detach and pose a choking hazard. ...
Can I still use my gift card at Elder-Beerman? 5 questions answered for customers
Can I still use my gift card at Elder-Beerman? 5 questions answered for customers

Elder-Beerman’s parent company announced the going-out-of-business sale begins today for its 212 stores and e-commerce website. Bon-Ton Stores Inc. is closing all stores after only liquidators submitted bids for the retailer at a bankruptcy auction earlier this week. Bon-Ton’s liquidation sales are expected to run for about 10 to 12 weeks...
Manufacturing helps boost Ohio jobs again
Manufacturing helps boost Ohio jobs again

Ohio’s unemployment rate fell slightly last month, to 4.4 percent from 4.5 percent in February — and once again, manufacturing helped provide the boost. The state’s non-agricultural wage and salary employment increased 10,800 in March, from a revised 5,568,400 in February to 5,579,200, the state said in a monthly jobs report. ...
Pier 1 Imports to close up to 25 stores
Pier 1 Imports to close up to 25 stores

Pier 1 Imports Inc. will close up to 25 stores in the next two years, the company announced during its quarterly earnings call. Net sales decreased 1.4 percent to $469.2 million, according to a company statement. Alasdair James, president and CEO, said the company’s financial performance was impacted by the hurricanes in Texas and Florida. E-commerce...
More Stories