HOUSTON – Mattress Firm is preparing to file for bankruptcy protection as soon as this week, a media report says.
Reuters reported that the company “is preparing to file for bankruptcy protection as soon as this week as it seeks to exit costly store leases and shore up its business as retailers struggle.”
It said that information came from “people familiar with the matter.”
A number of analysts have said that a bankruptcy filing for Mattress Firm is likely in the near future.
Mattress Firm says it doesn’t comment on analysts’ speculation about its future.
Reuters reported that once Mattress Firm files for bankruptcy, the process is expected to be completed within a couple of months and added that Mattress Firm’s vendors are expected to be repaid in full. That information comes from sources who asked not to be identified because they were not authorized to speak to the media on the matter, the story said.
Mattress Firm would shed some of its stores in the process, the sources said.