【破产新闻】6 Sleepy's stores in N.J. on the Mattress Firm bankruptcy closure list

Oct 8, 2018  By Jeff Goldman jeff_goldman@njadvancemedia.com
 

NJ Advance Media for NJ.com

 

Six New Jersey stores are among 200 under the Mattress Firm umbrella that will close in the coming days after the

Texas company filed for Chapter 11 bankruptcy last week. In all 700 stores will be shut down. 

 

All the upcoming stores closing in New Jersey are Sleepy's stores, according to court filings.
 
Mattress Firm, which bought Sleepy's in 2016 and Mattress Giant four years before that also owns the Sleep Train Brand. 

 

Sleepy's on Route 130 north in East Windsor
 

Sleepy's on Route 46 in Parsippany
 

Sleepy's on Ferry Street in Newark
 

Sleepy's on South Whitehorse Pike in Hammonton
 

Sleepy's on Brunswick Pike in Lawrence
 

Sleepy's on Route 46 in Saddle Brook
 

In court documents, Mattress Firm said the company's previous management team had made several miscalculations as it rebranded more than 1,300 stores it had bought from competitors in the last two years. It has more than 3,200 stores in 49 states. 

 

"While these acquisitions allowed (Mattress Firm) to achieve ... presence in markets where they previously had little to no presence, they also led to 'cannibalization' of sales amongst stores in close proximity to each other," the company said. "As a result, many Mattress Firm stores are in direct competition with other Mattress Firm stores, resulting in disappointing sales."

 

The company, founded in 1986, has sales of more than $3 billion. But in court documents, the company said in fiscal year 2018, it is projected to lose about $150 million.

 

In 2016, Mattress Firm was acquired by South Africa-based retailer Steinhoff International Holdings for $3.8 billion.

 

The Associated Press contributed to this report. Jeff Goldman may be reached at

 

jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.

Source:https://www.nj.com/business/index.ssf/2018/10/5_nj_stores_to_close_due_to_mattress_firm_bankrupt.html

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