The company has about 3,500 stores across the country, including nine in the Dayton area, five in Butler County and eight in the Cincinnati area.
Overexpansion was one of the biggest downfalls Mattress Firm faced as sales decreased and competition from online startups grew, experts say.
»PHOTOS: Luxury Oakwood home renovated in 2003 on market
The 99 closures are part of an expected 700. An initial 200 locations were previously announced as the company said it was looking to “strengthen its balance sheet and optimize its store footprint.”
The only Ohio store impacted in the original 200 closings was one in Highland Heights. Other Ohio stores planned to close in the newest round include locations in Fairlawn, Rocky River, Canton and North Olmstead.
“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 to serve our customers,” said Steve Stagner, executive chairman, president and CEO.
The company has said in court filings that it doesn’t plan to operate liquidation sales but will shift product to stores that will remain open or abandon showroom merchandise altogether.
»PHOTOS: Luxury Oakwood home renovated in 2003 on market
Online startups selling bed-in-a-box mattresses added major disruption in the mattress industry, especially for traditional brick-and-mortar mattress firm. Amazon also recently jumped into the online mattress game, now selling low-cost memory foam mattresses.
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