mattress firm closing hundreds of stores after bankruptcy

2020/01/22
The mattress company filed for bankruptcy on Friday, and the bed retailer said it planned to close hundreds of stores.
China\'s largest mattress chain has 3,400 stores nationwide and will close 200 stores in the coming weeks, closing 700 stores a year
Finally, under Chapter 11 of its application for bankruptcy protection.
The company plans to continue operations and pay the supplier.
\"Before the holiday shopping season comes, we will exit as many as 700 stores in certain markets where we have too many locations nearby, steve Stana, CEO of the company, said in a statement.
The announcement of bankruptcy will enable the company to \"strengthen our balance sheet,\" he added \".
The head of the popular news hearing compensation NXIVM, the court document of Xunpu\'s Boeing 2020, has more than $1 billion in liabilities of mattress companies and more than 50,000 of creditors.
It owes its biggest creditor, Atlanta.
Simmons Manufacturing Co. , Ltd. is headquartered in mattress manufacturers
Nearly $65 million
Mattress sales exceeded $3 billion, but in court documents the company said it expects a loss of about $0. 15 billion for the fiscal year 2018.
Mattress companies are the latest in the national retailer\'s bankruptcy as consumers choose to buy goods online.
Just a few days after Amazon said it would delve into the online \"bed\", the company filed the documentin-a-box\" business.
Earlier this year, Wal-Mart also launched its own online premium mattress brand allready.
The mattress company was founded in 1986 and acquired rival Sleepy\'s for $0. 78 billion in 2015.
The company\'s difficulties include the accounting scandal at its parent company stanhof International and the loss of a big contract with Tempur Sealy International last year.
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