Steinhoff Unit Mattress Firm Emerged From Chapter 11 Bankruptcy

(RTTNews) - Retailer Steinhoff International Holdings N.V. Announced Thursday that its unit Mattress Firm, Inc. (MFRM) on November 21 emerged from chapter 11 after successfully completing its reorganisation pursuant to its approved chapter 11 plan.

In accordance with its chapter 11 plan, Mattress Firm emerged with access to $525 million in exit financing and successfully exited approximately 660 underperforming stores.

The company referred to its announcement on November 19 in respect of the approval by the US Bankruptcy Court of the pre-packaged chapter 11 plan filed by Mattress Firm and its affiliates.

Mattress Firm believes that the reorganisation implemented by the chapter 11 plan positions it for long-term success for the benefit of all of its stakeholders.

Danie van der Merwe, acting CEO of the Company said, "This short process has enabled Mattress Firm to strengthen its balance sheet and optimize its store footprint, and it emerges as a stronger and more competitive company."