Mattress Firm Retailer Files for Bankruptcy
The leading mattress retailer, Mattress Firm has filed for Chapter 11 Bankruptcy. More than two hundred locations will be closing immediately and as many as seven hundred locations overall.
Mattress Firm has 3,272 stores, but it has a large debt ratio. Over $90 million alone is owed to Serta Simmons, its largest creditor.
A Chapter 11 is the same as a Chapter 13 which is common for consumers. A Chapter 13 is known as a reorganization of debt with payment plans that range from thirty-six months to sixty months. The difference between a Chapter 13 and Chapter 11 is the amount of debt.
Alexander Hernandez, Esq.
Updated list of locations being closed due to bankruptcy.
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