Mattress Firm, Owned by Steinhoff, Confidentially Files US IPO


Two Mattress Firm stores, a brand owned by Steinhoff, are displayed on either side of the street in Encinitas, California, United States, January 25, 2018. REUTERS / Mike Blake / File Photo

Sept. 20 (Reuters) – Mattress Firm Group Inc, the mattress sales firm of South African retail group Steinhoff, confidentially filed documents with regulators on Monday for an IPO in the United States.

Steinhoff International Holdings NV (SNHJ.J) said in August it was evaluating options, including a public listing, for Mattress Firm, which is the leading retailer of specialty mattresses in the United States.

The Texas-based mattress retailer emerged from bankruptcy in 2018, two months after filing for Chapter 11 protection, with access to $ 525 million in exit funding. It also closed about 660 underperforming stores, Steinhoff said at the time.

Steinhoff, whose balance sheet revealed multibillion-euro holes in 2017, has since reduced the group’s debt, financing costs and restructured the debt of some of its units through asset disposals and public quotes.

Mattress Firm sells mattresses both online and in more than 2,500 stores in 49 states of the United States, according to its website in January 2019.

Report by Sohini Podder in Bengaluru; Editing by Maju Samuel

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