No. 1 sleep retailer nixes plan for going public, withdraws IPO
Sheila Long O’Mara//Executive Editor, Furniture Today//January 10, 2023
HOUSTON – The industry’s largest mattress retailer is withdrawing its planned initial public offering one year after filling its request.
Mattress Firm, in a filing with the U.S. Securities and Exchange Commission Monday, said it was no longer proceeding with the IPO at this time. The news follows last month’s announcement that Steinhoff International, the retailer’s parent company, was restructuring its 10 billion euro debt with key lenders.
In the withdrawal request, Mattress firm said the decision is “consistent with the public interest and the protection of investors.”
The retailer filed for an IPO Jan. 7, 2022, saying it planned to sell $100 million in shares. The 200-page prospectus detailed the company’s 2021 revenue of about $4.4 billion and a net loss of $165.1 million. The document was later amended Feb. 8.
With more than 2,400 locations, the company cited liabilities in its original filing of $3.5 billion and long-term debt of $1.2 billion as of September 2022 when it secured a new credit agreement with Barclays Bank and other financial institutions.
Mattress Firm was acquired by Steinhoff in 2016 in a $3.8 billion deal. Two years later, in 2018, the retailer filed Chapter 11 and shed leases for unprofitable stores.