Steinhoff’s Mattress Firm Inc., the largest U.S. mattress retailer, has filed for voluntary bankruptcy protection, giving it breathing room to restructure and shore up its finances as its South African parent company fights for survival, Reuters reported. Steinhoff has been working on a deal to restructure the debt of some subsidiaries with its creditors after revealing multi-billion euro holes in its balance sheet. Mattress Firm is looking to close up to 700 of its 3,000 brick-and-mortar locations. An initial 200 stores will be closed in the next few days, Steinhoff said. The retailer, which said it will continue to serve customers as usual at stores and online during the process, has also received $775 million to fund ongoing operations and repay debt and costs associated with the restructuring.
