Mattress Firm store in Oceanside has closed amid bankruptcy filing
October 19, 2018
Patrick Collins, partner, is quoted in this article.
A newly closed Mattress Firm store in Oceanside is among 99 locations in the retailer’s second round of closures as part of its bankruptcy protection filing.
Patrick Collins, a partner at Uniondale law firm Farrell Fritz, who specializes in bankruptcy and restructuring, said that in a changing retail landscape competition from the “Amazon effect” and other retailers continues to hurt many businesses.
In recent years Mattress Firm aggressively purchased competitors, expanding to more than 3,000 stores. The company has more than $1 billion in liabilities and a long list of creditors, according to court documents. It owes its largest creditor, mattress maker Simmons Manufacturing Co., close to $65 million.
Even so, Mattress Firm could emerge from bankruptcy as a stronger company, Collins said.
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