The Houston-based company, which has 3,230 stores in 49 states, said it plans to close as many as 500 more stores before the end of the year. The company has 3,300 stores and was in disputes with some of its suppliers.
"We just opened a location in Auburn, and will open two more stores in the next six months In Ellsworth and in Scarborough", he added.
Mattress Firm says it expects to complete the restructuring process within the next 45 to 60 days.
According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors.
As a result of the store closures and other operational changes, Mattress Firm's corporate earnings before interest, tax, depreciation and amortization (EBITDA) are expected to be $200 million by the company's 2020 financial year, Steinhoff said.
A Mattress Firm store, a brand owned by Steinhoff, is shown in Encinitas, California, U.S., January 25, 2018. He said the information was shared by the company in an internal email.
It announced that it had secured commitments for $250 million in debtor-in-possession financing to support operations.
The troubled bed retailer of scandal-plagued Steinhoff International Holdings NV has 22 stores in MI and 3,400 total.
Its parent company, Steinhoff International, is dealing with major problems including accounting irregularities, forcing its CEO to resign in December 2017.
At the time, then-CEO Ken Murphy denied the money-laundering allegations and defended Mattress Firm's massive store count.