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Joele Frank is handling the Chapter 11 filing of Mattress Firm Inc., the country's top bedding retailer, which after an acquisition spree (Sleepy's, Sleep Train), has too many stores that are too close to each other, according to CEO Steve Stagner.
“Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other,” he said a statement.
About 200 of the targeted stores will shut down during the next week.
The 3,000-member store chain also faces competitive pressure from online retailers (Casper, Leesa) that ship bed-in-a-box mattresses directly to consumers and offer free returns.
Stagner promises that Mattress Firm will continue as the largest bed retailer and operate as in a "business-as-usual" manner during the reorganization.
Founded in 1986, Mattress Firm was acquired by South Africa's Steinhoff International in 2016.
Joele Frank Wilkinson Brimmer Katcher's Michael Freitag, Jed Repko and Aaron Palash handle the Mattress Firm filing.
Chloe Clifford, who was a managing director at FGS Global, has joined C Street Advisory Group in Los Angeles.
New York’s Solebury Strategic Communications is working Vancouver-based General Fusion Inc.’s plan to go public via a $1B SPAC merger with Spring Valley Acquisition Corp.
Matt Ward, who was head of US communications & corporate media relations at HSBC, has joined FTI Consulting’s PR operation unit in New York.
C Street Advisory Group is providing strategic communications services to STG Logistics as the Columbus-based trucking company files for Chapter 11.
Dollar Tree has named Daniel Delrosario senior VP-investor relations & treasurer.
