Mattress Firm Inc., the largest U.S. mattress retailer, is considering a potential bankruptcy filing as it seeks ways to get out of costly store leases and shut some of its 3,000 locations that are losing money, Reuters reported. Mattress Firm’s South African parent, Steinhoff International Holdings NV, has been working on a deal to restructure the debt of some subsidiaries with its creditors, following an accounting scandal. Creditors agreed last month to hold off on their debt claims for three years. Steinhoff acquired Mattress Firm for $3.8 billion in 2016. Both Houston-headquartered Mattress Firm and Steinhoff are working with consulting firm AlixPartners LLP, the two sources said this week. AlixPartners helps companies plan and execute turnaround strategies, and is often brought in to lay the ground for bankruptcy.
