Plan Confirmation Comes Less than 45 Days After Initial Filing
Expects to Fund Financing and Emerge from Chapter 11 in Coming Days
HOUSTON – November 16, 2018 – Mattress Firm, Inc. (“Mattress Firm” or “the Company”), the nation’s leading specialty mattress retailer, today announced that the U.S. Bankruptcy Court in Delaware (the “Court”) has confirmed the Company’s Plan of Reorganization (the “Plan”). Mattress Firm expects to complete its restructuring and emerge from Chapter 11 in the coming days.
Steve Stagner, Executive Chairman, President and CEO of Mattress Firm, said, “We are pleased to receive the Court’s approval of our Plan, which has positioned Mattress Firm to emerge as a stronger and more competitive company, within the 45 to 60 day timeframe we initially targeted. This short process has enabled Mattress Firm to strengthen our balance sheet and optimize our store footprint, giving us the flexibility to continue with our mission, which is to offer our customers the best beds at compelling values. Furthermore, our significantly improved financial and operating position will enable us to strategically expand our business in new as well as existing markets, while continuing to focus on enhancing our omni-channel capabilities and product offerings.”
Mr. Stagner continued, “I would like to thank all of our associates for the focus and drive they have shown in continuing to provide customers with unmatched value and service. I also would like to thank our loyal customers, suppliers and partners for their ongoing support and partnership. We are excited about the many long-term opportunities ahead for Mattress Firm.”
Upon emergence, the Company will have a strengthened balance sheet, strong liquidity position and an optimized store footprint of approximately 2,600 stores across the country.
Additional information can be accessed by visiting the Company’s restructuring website at www.mattressfirm.com/restructuring. Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Epiq, at http://dm.epiq11.com/MattressFirm. Information is also available by calling 877-214-3592 (toll-free in the U.S.) or 503-520-4465 (for parties outside the U.S.).
A&G Realty Partners is assisting the Company with its store closing and lease restructuring program. Sidley Austin LLP is serving as the Company’s legal counsel, AlixPartners LLP is serving as its financial advisor, and Guggenheim Securities, LLC is serving as its restructuring advisor.