King of Prussia store one of the hundreds of Mattress Firm stores to close

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Mattress Firm plans to close up to 700 stores over the next few months as part of a plan to offload debt and repay creditors. wikimedia.org)

There’s no rest for the weary — or at least for troubled retail mattress stores.

Mattress Firm plans to close up to 700 stores over the next few months as part of a plan to offload debt and repay creditors. The announcement came just hours after the company filed for Chapter 11 bankruptcy protection in Delaware, writes Jeff Jeffrey for the Philadelphia Business Journal.

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CEO Steve Stagner said during a conference call with landlords for more than 3,000 stores across the country that the company plans to do an initial round of store closures over the next few days, which will see about 200 stores shuttered. Stagner said the company is targeting locations where it has multiple stores in the same city.

In Greater Philadelphia, at least two locations will go dark – a King of Prussia spot at 445 West Dekalb Pike and another at in the Grant Plaza in Northeast Philadelphia. Others in Lancaster, Pa. and throughout New Jersey are also on the list of impending closures.

“We have reviewed every store’s performance to come up with a plan for how to approach these closures,” Stagner said. “It may mean that we will be closing some profitable stores in places where we have multiple locations.”

To read the complete story click here.

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