Mattress Firm could be on the verge of closing hundreds of stores that are so numerous it spurred wild conspiracy

pulse

February 7, 2018 10:02 PM

Analysts are predicting that Mattress Firm could close almost a third of its stores in 2018.

Mattress Firm has a had a rocky few months.
Its parent company is being investigated after it discovered "accounting irregularities" in its year-end accounts.
In December 2017, it announced Mattress Firm would be closing 200 stores. Analysts say we can expect hundreds more to shutter.

It's been a rocky few months for Mattress Firm.

In December 2017, its parent company, South African retail conglomerate Steinhoff Holdings, delayed publishing its year-end accounts due to "accounting irregularities

In December 2017, the company confirmed it would be closing 200 stores. Now analysts say we can expect to see many more shutter.

"Considering the accounting irregularities at Steinhoff and the operational troubles at subsidiary Mattress Firm, we believe there is a high probability that Mattress Firm will close significantly more than 200 stores announced in December," analysts at Wedbush wrote in a note to investors on Wednesday.

It continued: "Our base case is now 600 store closures in 2018, with potential for as many as 1,000 closures out ofthe 3,400 store base."

Mattress Firm did not immediately respond to Business Insider's request for comment.

pulse