» MUST-READ BUSINESS NEWS: Sick of cold weather? 5 cheap local flights to warm destinations
The closures were announced at a recent meeting. Mattress Firm was purchased by Steinhoff International Holdings NV for $3.8 billion about a year ago.
Mattress Firm Inc. also announced this week that it entered into a credit agreement up to $225 million. The company said the credit facility would be available for working capital needs and other general corporate purposes. It has an initial principal availability of $75 million, but the company said it plans to upsize the facility in increments to boost the total principal amount to $225 million.
“Over the past year we have made multiple strategic investments that position us to build on our long-term vision to become the largest U.S. vertically integrated mattress retailer,”he said. “These investments included accelerating our national rebranding to the Mattress Firm banner, adjusting our merchandise offering to offer better value to consumers, and improving our organizational structure.”
Earlier this year, international mattress maker Tempur Sealy announced it terminated its contract with U.S. retailer Mattress Firm Holdings Corp. following "considerable changes to their agreements, including significant economic concessions."
FIVE FAST BUSINESS READS
• Woman convicted of teen slaying in Dayton released on Christmas Day
• No more waiting? Kroger looking to eliminate checkout lanes
• Currency of the future? Some argue it's bitcoin
• Southwest Airlines adds new flight at local airport
• 7 things we learned about lead, local water infrastructure this year
About the Author