Retail chain Mattress Firm, with five stores in Stark County, has filed bankruptcy.
Houston-based retail chain Mattress Firm has filed for bankruptcy and plans to close up to 700 stores across the country as part of a restructuring program.
The moves are part of an effort to strengthen the company's balance sheet and optimize its store footprint, according to a statement issued Friday morning. The company and its subsidiaries filed for Chapter 11 restructuring in the U.S. Bankruptcy Court in Delaware with hopes of implementing a prepackaged reorganization plan.
The company's statement said it will close stores in markets where it has too many locations in close proximity to each other. The company filed a motion seeking court permission to reject up to 700 leases. It expects to close about 200 stores in the next few days, with decisions on additional closings coming in the next few weeks.
The chain has three stores in Jackson Township, including two in the Belden Village shopping area, one in the Massillon Marketplace and a clearance center in Canton's Country Fair Shopping Center. It has six locations in Summit County, including a store in Springfield Township.
The company expects to complete its restructuring plan in 45 to 60 days. Customers can continue to shop stores that are open or one the company's website, according to the statement.