Mattress Firm filed voluntary Chapter 11 restructuring last month. Credit: JJBers.

US-based speciality retailer Mattress Firm has received approval for its reorganisation plan from the US Bankruptcy Court in Delaware.

The retailer and its subsidiaries filed voluntary Chapter 11 restructuring in the US Bankruptcy Court in Delaware last month.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The restructuring plan is intended to enable the retailer to implement a pre-packaged plan of reorganisation and offers new financing opportunities to support the business.

With this court confirmation, the mattress retailer plans to complete its restructuring and emerge from Chapter 11 in the coming days.

Mattress Firm executive chairman, president and CEO Steve Stagner said: “We are pleased to receive the court’s approval of our plan, which has positioned Mattress Firm to emerge as a stronger and more competitive company, within the 45 to 60 day timeframe we initially targeted.

“This short process has enabled Mattress Firm to strengthen our balance sheet.”

“This short process has enabled Mattress Firm to strengthen our balance sheet and optimise our store footprint, giving us the flexibility to continue with our mission, which is to offer our customers the best beds at compelling values.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Furthermore, our significantly improved financial and operating position will enable us to strategically expand our business in new, as well as existing markets, while continuing to focus on enhancing our omnichannel capabilities and product offerings.”

The retailer also expects to have a strengthened balance sheet, strong liquidity position and an optimised store footprint of approximately 2,600 stores across the US following the completion of this process.

In addition, the retailer appointed A&G Realty Partners to help with its store closing and lease restructuring programme.

Sidley Austin is acting as legal counsel, AlixPartners as a financial advisor, and Guggenheim Securities as restructuring advisor for the company.