Steinhoff firm goes bust

Steinhoff’s US unit, Mattress Firm, has filed for voluntary Chapter 11 bankruptcy protection to strengthen its balance sheet and support its parent company’s debt restructuring.

“The Mattress Firm Filing supports actions to strengthen its balance sheet,” Steinhoff International stated.

Mattress Firm will implement a restructuring plan that will close around 200 stores and reject up to 700 leases, with the possibility of further closures, it said. – Reuters