(Reuters)-
The largest mattress company in the United StatesS.
Mattress retailers are prepared to apply for bankruptcy protection as soon as possible this week as it tries to withdraw from expensive store rentals and support its business, people familiar with the matter said on Tuesday. The Houston-
Retailers based on 3,000 bricksand-
Online upstarts, including Casper Sleep Inc. , squeezed the position of the mortar
Mattress Company NV, stanhof International Holdings, parent company of South Africa (SNHJ. J)
Face their own debt challenges.
Mattress Company and Steinhoff did not respond to requests for comments on multiple occasions.
The source said that once the mattress company filed for bankruptcy, the process is expected to be completed within a few months, and the mattress company\'s suppliers are expected to be paid back in full, asking not to be named, because they have no right to talk to the media about it.
Mattress companies will peel off some stores in the process, the source said.
Steinhoff bought the mattress company for $3.
2016 8 billion.
Mattress Company acquired HMK Mattress Holding Co. , Ltd. , the parent company of its rival Sleepy\'s, for $0. 78 billion in the same year, and then renamed the store.
Since the beginning of 2017, more than 20 retailers have filed for bankruptcy.
The Toy \"R\" Us company did not survive and liquidate, and other companies such as children\'s retailer golden baby and Payless ShoeSource have also restructured.
Analyst at Piper Jaffray (PJC. N)
Last summer, mattress said bankruptcy would allow it to clean up its real estate portfolio and boost cash flow and profitability.
Mattress Company lost danpuhili International Trading Co. , Ltd (TPX. N)
Manufacturer of mattress brand Tempur
As a supplier last year, Pedic restricted its products.
On Tuesday, shares in Tempur Sealy rose 9% in New York after-hours trading as investors bet it would benefit from less competitive stocks.
Steinhoff is a retail group selling furniture, household goods and general merchandise in Europe, Africa and Australia, with car dealers in South Africa.
On July, creditors agreed to keep debt claims for three years to eliminate the threat of default.
With over 40 brands including Conforama, mattress company and Poundland, Steinhoff has sold assets including Kika/Leiner in Poland and PSG, an investment holding company
