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Steinhoff’s U.S. unit Mattress Firm emerges out of bankruptcy



Two Mattress Firm stores, a brand owned by Steinhoff, lie on either side of the street in Encinitas, California, U.S., January 25, 2018. REUTERS/Mike Blake

(Reuters) – Steinhoff International (SNHJ.J) said on Thursday that its U.S.-based unit Mattress Firm Inc emerged out of bankruptcy with access to $525 million in exit financing, within two months of after filing for Chapter 11 protection.

The mattress retailer closed roughly 660 underperforming stores, said Steinhoff, which has been working on a deal to restructure the debt of some units with creditors after revealing multi-billion euro holes in its balance sheet.

Mattress Firm had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances.

Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier