NEW YORK (CNN Business) - If Sears wants to avoid bankruptcy, it'll practically have to pull a rabbit out of a hat. The company thinks it found a director who can help do the trick.Sears (SHLD) ann
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() - If you search for dog food on Amazon, you'll probably find a bag with a picture of a woman perched on an ocean cliff patting a fluffy, golden dog.It looks like any of the thousands of dog foo
WASHINGTON (CNN Business) - For companies trying to staff up for the holidays, Amazon's move to a $15 minimum wage comes at a bad time. "It's causing a lot of buzz with my clients: How do we addres
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NEW YORK (CNN Business) - Beds-in-a-box have brought the country's largest mattress retailer to its knees.Mattress Firm filed for bankruptcy on Friday to escape hundreds of leases it could no longe
NEW YORK (CNN Business) - Ford is cutting staff as it transforms its business.The second largest US automaker said Friday it was reorganizing its global salaried workforce as part of a broader plan
NEW YORK (CNN Business) - Larry Culp will be a hero on Wall Street if he can revitalize General Electric's lifeless share price. The new GE boss will also be about $300 million richer. Culp secured
Mattress Firm files for bankruptcy and will close up to 700 stores
The chain said it plans to remain in business, but it filed for Chapter 11 bankruptcy protection to get out of about 700 unfavorable leases. Mattress Firm said it will quickly close 200 underperforming stores and make decisions about whether to close or maintain the other 500 locations in the coming weeks. There are more than 3,300 Mattress Firm stores in the United States.
Mattress Firm plans to exit bankruptcy in about two months. It hopes that the liquidity gained from the bankruptcy allows it to expand into more favorable markets and even open some new stores in existing markets.
"We will continue to provide unmatched value to our customers by offering the best quality beds at prices that fit any budget today, tomorrow and into the future," said CEO Steve Stagner.
Its parent company, Steinhoff International, is dealing with major problems including accounting irregularities forcing its CEO to resign in December 2017.
Like many retailers, the 32-year-old chain has struggled with overexpansion, including its purchase of Sleepy's in 2016 and Mattress Giant in 2012. The company has many stores in close proximity to one another, cannibalizing sales. It's also grappling with increasing competition from online retailers, including Casper and Amazon.
Casper plans to open 200 stores across the United States in the next three years as part of an ambitious growth plan. The four-year-old company wants to gain exposure with shoppers who prefer trying out a mattress at a store first -- and increase impulse buys that can only come from browsing physical locations.
Stores could help Casper stand out in a crowded mattress market. Digital rivals, such as Purple, Leesa, Tuft & Needle, and Yogabed, have cropped up, while legacy retailers have taken a page from Casper, introducing delivery in a box.
Amazon quietly rolled its own in-house brand of foam mattresses that cost a fraction rivals' beds. For example, an AmazonBasics queen mattress costs $229, compared to $600 at Tuft and Needle and nearly $1,000 at Casper.
A search for a similar bed on Mattress Firm's website yields dozens of results, potentially overwhelming customers. That could push them to online rivals, most of which only offer two or three different kinds of mattresses.
NEW YORK (CNN Business) - Online reviews have replaced going to a store to lie down on a mattress. That's why Mattress Firm, America's largest bed store, has filed for bankruptcy.
LONDON (CNN) - Want your groceries delivered while you're away from home? No problem. A leading UK supermarket chain, Waitrose, is giving customers the option of allowing delivery drivers to enter
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LONDON (CNN Business) - Unilever has given up on a plan to move its headquarters out of the United Kingdom after some big investors objected. The global consumer goods company said Friday that the
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NEW YORK (CNN Business) - Amazon giveth and Amazon taketh away.The company announced Tuesday that it will raise its minimum wage to $15 an hour for all US employees. But tucked away in the announce
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NEW YORK (CNN Business) - Amazon? Check. Disney? Check. McDonald's?The fast food chain is Senator Bernie Sanders' next minimum wage target. He wants McDonald's to give its workers a pay raise to $1