HOUSTON, Tx. – Mattress Firm filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware.
The company announced Friday it has secured funding to support the business and restructure operations.
The company, in a news release, said it plans to close up to 700 across the country in markets where it has too many locations close to each other.
Company leaders said 200 stores could close within the next few days.
Decisions about additional store closures could be made in the next few weeks.
In Southwest Virginia, Mattress Firm operates seven locations. There are two stores in Danville and Roanoke and one store in Christiansburg, Martinsville and Wytheville.