Houston Based Mattress Firm Files for Bankruptcy, Will Close Hundreds of Stores
Houston-based Mattress Firm announced Friday it has filed for Chapter 11 bankruptcy and will close up to 700 stores. An initial group of approximately 200 stores are expected to be closed in the next few days and decisions about additional store closings will be made in the next few weeks.
Barbara Stewart, professor of retailing and consumer sciences at the University of Houston, said the firm’s aggressive expansion policy may be to blame.
“Here in Houston, we have multiple stores in Katy, on Westheimer, multiple stores in pretty close reach of each other,” she said.
The other challenge, she said, is what many other brick-and-mortar stores are facing: competition from online retail.
Read more: https://www.houstonpublicmedia.org/articles/news/business/2018/10/05/306982/houston-based-mattress-firm-files-for-bankruptcy-and-will-close-hundreds-of-stores/
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