November 21, 2018 – Mattress Firm’s Modified Joint Prepackaged Chapter 11 Plan was declared effective [Docket No. 939]. The Plan had previously been confirmed by the Court on November 16, 2018 [Docket No. 909].
In a press release announcing the emergence from Chapter 11, Mattress Firm noted, “The Company moves forward with an optimized store footprint of approximately 2,600 stores across the country and $525 million of committed exit financing to support operations and future growth initiatives, including a $125 million revolving credit facility that will be undrawn at closing.”
Steve Stagner, Mattress Firm’s Executive Chairman, President and CEO commented further, “We knew that our unprecedented growth had led to duplicative store locations in many of our markets. Now, having completed our operational and financial restructuring, we have the right store locations to not only better serve our customers, but also to fuel future growth. Going forward, we will be intensely-focused on enhancing our product offering, driving disciplined and results-oriented operations and building an integrated and educational shopping experience.”
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