Mattress Firm, which operates three stores in the immediate area including at Colesville Road and Fenton Street, has filed for bankruptcy, the company announced today.

“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,” said Steve Stagner, executive chairman, president and CEO of Mattress Firm.

The company said it intends to close about 200 stores, “in the next few days. Decisions about additional store closings will be made in the next few weeks.”

Today’s announcement of a Chapter 11 filing did not detail which stores would be closing. In addition to the downtown Silver Spring location, Mattress Firm operates stores in the Burnt Mills Shopping Center and in White Oak, both of which previously had been Sleepy’s stores.

In November 2015, the company agreed to acquire all outstanding equity interest in the holding company of Sleepy’s for about $780 million, according to company documents, and rebranded those locations.

Mattress Firm was then acquired for $3.8 billion in September 2016 by Steinhoff International, an integrated retailer that manufactures, sources and retails furniture, household goods and general merchandise worldwide.

Mattress Firm has about 3,500 stores nationwide, making it the largest mattress specialty retailer in the country, but has been facing increasing competition from online outlets such as Casper, and an accounting scandal involving its corporate parent.

Photo of Mattress Firm in downtown Silver Spring by Mike Diegel.

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Mattress Firm Files for Bankruptcy, Will Close Some Stores

Mattress Firm Files for Bankruptcy, Will Close Some Stores

Mike Diegel

Co-Founder/Editor at Source of the Spring
Mike Diegel, a founding member of Source of the Spring, is a Silver Spring advocate who has been appointed by the county executive to several committees and task forces. He currently is a member of the Silver Spring Arts & Entertainment District Advisory Committee. His background is in journalism and he earned a bachelor of arts in communications from McDaniel College. He is self-employed as a communications consultant and is an active volunteer with Appalachian Great Pyrenees Rescue. He has lived for more than 20 years in Northwood/Four Corners with his wife Trish and multiple Great Pyrenees dogs. He is better known around Silver Spring as the Guy with the Big White Dogs.
Mattress Firm Files for Bankruptcy, Will Close Some Stores
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