Mattress Discounters to close nearly 50 N.E. stores

[Zayre88]

Mattress Discounters to close nearly 50 N.E. stores

Article Date: Saturday, September 13, 2008
http://www.fosters.com/apps/pbcs.dll/article?AID=/20080913/GJBUSINESS_01/709136861

PROVIDENCE, R.I. (AP) — Mattress Discounters plans to close 48 stores in New England because its operations in the region are losing millions of dollars while the company seeks bankruptcy protection, according to court records.

The retailer, based in Upper Marlboro, Md., is seeking Chapter 11 protection from the U.S. Bankruptcy Court in its home state. Plans to close its New England branches in Rhode Island, Massachusetts and New Hampshire were detailed in court filings made Wednesday.

According to the company's website, there are currently 11 New Hampshire locations, including sleep centers on Weeks Lane in Dover, Lilac Mall in Rochester and Woodbury Avenue in Portsmouth.

Employees at each location directed questions to the company's corporate office, which did not return several messages left by Foster's Friday.

The stores in New England will be closed in three to six weeks, a company representative said in a written statement.

The firm blames its current sales trouble on an industry downturn, heightened competition and a weak economy. The New England stores lost $1.5 million last year and about $2.9 million this year. Besides exiting the New England market, Mattress Discounters' turnaround plans include reducing some of its retail operations in the Mid-Atlantic and possibly selling its manufacturing business.

Mattress Discounters owes about $16.5 million to its lenders and about $10 million to other creditors.

[Crawford]

Get ready to see a lot more of these types of speciality store closings. I had bought myself a nice full size bed and boxspring set at their Seekonk Store years ago. It lasted me up until this January. I would have gone back but Building 19 had a much better deal.

[JimSawhill]

Get ready to see a lot more of these types of speciality store closings

true... one of my favorite coffee shop here in town closed.

[jmcnamara96]

ONE IN SALEM NH CLOSED:o