Mattress Firm is closing stores in Bristol and Newington, the retail chain has confirmed. The stores are among 209 that will be shut down after the cmpany files for Chapter 11 bankruptcy.
Newington has three Mattress Firm locations, all on Berlin Turnpike. The one to be closed is at 3475 Berlin Turnpike. The Bristol store is at 99 Farmington Ave.
Other Connecticut Mattress Firm stores to be closed are in Orange, Tolland, Branford and Wethersfield.
“It’s sad that another business is closing. It’s always unfortunate to see a business close in town,” Newington Chamber of Commerce Executive Director Gail Whitney said.
Houston-based Mattress Firm said its plan of reorganization will provide the company access to new financing. The plan is also expected to establish an efficient process for the closing of economically inefficient locations.
“The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio,” Steve Stagner, executive chairman, president and chief executive officer of Mattress Firm, said. “Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other. We intend to use the additional liquidity from these actions to improve our product offering, provide greater value to our customers, open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers.”
Mattress Firm anticipates that deliveries will not be delayed and said it is looking forward to continue to honor customer programs such as warranties and guaranties. Customers can continue to shop mattresses and bedding accessories in the Mattress Firm locations that will remain open and on the chain’s website.
The written statement stated that Mattress Firm received commitments for about $250 million in debtor-in-possession financing, which, subject to court approval, will be available to help its operations during the Chapter 11 Bankruptcy Court proceedings. In addition, Mattress Firm obtained commitments for $525 million of senior secured credit facilities enabling it to emerge from Chapter 11 and support operations thereafter.
The company will continue to work through the process over the next 45 to 60 days. It will also announce additional store closings over that period.
“port, as well as the contractors we partner with to make deliveries across our markets, all of whom will continue to be paid in full in the normal course for products and services provided,” Stagner said. “We also thank our team members for their continued commitment and dedication to serving our customers.”
For more information visit Mattress Firm’s restructuring website at .
Karla Santos can be reached at 860-801-5079 or .