Mattress Firm files for Chapter 11 bankruptcy protection, will close up to 700 stores


Photo: Scott Olson, Getty Images

Mattress Firm, which has been grappling with declining sales after an acquisition spree gone bad and a scandal at its parent company, filed for Chapter 11 bankruptcy protection Friday.

The nation’s largest mattress retailer has been ailing amid a surge of bed-in-a-box online retailers, too many physical stores and an accounting mess at conglomerate owner Steinhoff International.

Houston-based Mattress Firm plans to close as many as 700 of its 3,230 company-owned stores.

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