Steinhoff Gets Boost as Mattress Firm of U.S. Exits Bankruptcy
- Rescue of 2016 acquisition is key part of Steinhoff survival
- News comes in same week as Steinhoff unveiled new CEO
Photographer: Scott Olson/Getty Images
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Steinhoff International Holdings NV’s battle to stabilize itself received a boost as troubled U.S. bedding chain Mattress Firm emerged from bankruptcy with $525 million in funding to support operations.
The $3.8 billion acquisition of Mattress Firm in 2016 proved the final deal of an aggressive expansion drive that led to Steinhoff’s near-collapse amid an accounting scandal late last year. Of Steinhoff’s various chains around the world, including Conforama in France and Poundland in the U.K., Mattress Firm proved among the toughest to keep afloat, and the business entered Chapter 11 bankruptcy in October.