exclusive: mattress firm explores u.s. bankruptcy to close stores

2020/02/12
(Reuters)-
The largest mattress company in the United StatesS.
Mattress retailers are considering potential bankruptcy applications as it is looking to get rid of expensive store rentals and close some of its 3,000 loss-making locations, people familiar with the matter said.
Mattress Company deliberations provide the latest examples of the United StatesS. brick-and-
Mortar Retailers struggle in the competition from e-commerce
A business company like Amazon. com Inc (AMZN. O).
Mattress Company rival Tempur Sealy International Inc . (TPX. N)
Jump news, the end of trading on Monday rose 5.
$ 2%, $52. 64.
South African parent company stanhof international holding company NV (SNHJ. J)
After the accounting scandal, efforts have been made to reach an agreement with creditors to restructure the debts of some subsidiaries.
Last month, creditors agreed to hold their debt on hold for three years.
Steinhoff bought the mattress company for $3.
2016 8 billion. Both Houston-
The two sources said this week that mattress-based companies and Steinhoff are working with consulting firm AlixPartners LLP.
AlixPartners helps companies plan and execute their turnaround strategies and often lays the foundation for bankruptcy.
Sources asked not to be named because the plans were private and warned that the mattress company had not made any final decision and that its plans could change.
Delegates to mattress companies and AlixPartners declined to comment.
Steinhoff did not respond to requests for comment.
Analysts at Piper Jaffray said filing for bankruptcy would allow mattress companies to clean up their real estate portfolios and improve cash flow and profitability (PJC. N)
Wrote in a research report last week.
Many retailers seek bankruptcy in order to refuse to rent, a move aimed at reducing the number of their stores, reducing costs and restructuring to continue their business. U. S.
For example, Payless ShoeSource Inc. , a discount footwear retailer, closed about 700 shopping malls
Last year, Golden Baby closed about 300 children\'s clothing stores.
To be sure, some retailers closed their large number of stores after bankruptcy.
Beibei store Co. , Ltd. BEBE. PK)
Last year, close almost all retail stores without filing for bankruptcy, but negotiated an agreement with the landlord.
Mattress Company lost danpuhili International Trading Co. , Ltd (TPX. N)
Manufacturer of famous mattress brand Tempur
As a supplier last year, Pedic restricted its products.
Mattress company got $0. 225 billion in assets
Revolving loans were supported last year.
Steinhoff ordered $12 billion.
Earlier this year, data related to accounting violations fell.
Steinhoff also has a discount chain, Poundland, in the UK, and Ackermans in South Africa.
Mattress Company acquired HMK Mattress Holding Co. , Ltd. , the parent company of its rival Sleepy, for $0. 78 billion in 2016, and then renamed the store.
Sleepy\'s has over 1,050 stores in the United StatesS.
East Coast and Illinois
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