By Sommer Brokaw, UPI
National retailer Mattress Firm announced Friday it's going into bankruptcy and will close hundreds of stores in the United States.
Sales for the Texas-based company have fallen after it stretched resources with three acquisitions in recent years, including Mattress Giant, Sleep Train and Sleepy's.
"The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio," Mattress Firm CEO Steve Stagner said Friday.
Stagner said as many as 700 of Mattress Firm's 3,230 U.S. stores will close "leading up to the holiday shopping season" because there are "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," Stagner said.
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