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Steinhoff-owned Mattress Firm files confidentially for U.S. IPO By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: On either side of Encinitas Street, two Mattress Firm stores (a Steinhoff brand) are displayed on January 25, 2018. REUTERS/Mike Blake/File Photo

(Reuters) – Mattress Firm Group Inc, the mattress selling business of South African retail group Steinhoff, on Monday confidentially filed paperwork with regulators for an initial public offering in the United States.

Steinhoff International Holdings N.V. said in August it was evaluating options https://www.reuters.com/article/steinhoff-intln-mattress-firm-ipo-idUSL8N2Q24G0, including a public listing, for Mattress Firm, which is the leading specialty mattress retailer in the United States.

The Texas-based mattress retailer emerged from bankruptcy https://www.reuters.com/article/us-steinhoff-intln-mattress-firm-bankrup-idUSKCN1NR0D3 in 2018 two months after it filed for Chapter 11 protection, with access to $525 million in exit financing. Steinhoff also stated that the company closed around 660 low-performing stores.

Steinhoff’s 2017 balance sheet showed multi-billion Euro holes. Since then, Steinhoff has been working to reduce group debt and financing costs, and to restructure some units’ debt through asset sales or public listing.

According to its January 2019 website, Mattress Firm offers mattresses for sale online as well through over 2,500 outlets in 49 U.S. states.

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