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.
About Mattress Firm
Founded in 1986, Mattress Firm strives to help customers find the beds they want at the price that fits their budget. Today, Mattress Firm has grown to be America’s largest mattress specialty retailer, with more than 2,500 neighborhood stores and a passion for helping people find the right bed. Mattress Firm helps customers’ budget stretch further with a broad selection of mattresses and bedding accessories from leading manufacturers and brand names, including Serta®, Simmons®, tulo™, Sleepy’s®, Purple™ and Chattam & Wells®. Committed to serving its communities, Mattress Firm Foster Kids, a program in partnership with the Ticket to Dream Foundation, hosts six collection drives a year in communities nationwide to ensure that foster children have the resources needed to succeed.
Forward Looking Statements
Certain of the information contained herein is by its nature forward-looking and contains estimates, assumptions and projections that may be materially different from actual future results. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “project,” “assume,” “seek,” “target,” “future” and similar expressions identify these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that ultimately may not prove to be accurate. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and actual results or conditions could differ materially from those anticipated in the forward-looking statements. These forward-looking statements speak only as of the date such statements were made or any earlier date indicated, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in underlying assumptions or otherwise. If the Company were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that the Company would make additional updates or corrections thereafter.
Contact
Sunni Goodman
SVP of Communications & CX, Mattress Firm
1-713-306-0705
sunni.goodman@mfrm.com
Michael Freitag / Jed Repko / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
1-212-355-4449
(877) 259-8527