Mattress Firm filed for bankruptcy and is already beginning to close stores

Mattress Firm which has been grappling with declining sales amid an overexpansion and a scandal filed for Chapter 11 bankruptcy protection Friday

Out of the 200 stores listed in court filings, no Mattress Firm stores in Hawaii were slated for closing.

The company hasn't yet identified which stores it will close, including any in Wichita. It now has more than 3,300 stores in the United States.

The chain says some stores are too close to each other, while others are underperforming. In January, a Reddit thread that suggested Mattress Firm was laundering money because it had so many stores went viral.

The company is saddled with more than $1 billion in liabilities. However, Mattress Firm does not have a shop there.

After acquiring other mattress companies in recent years, Mattress Firm opened too many locations too close together, CEO Steve Stagner said in a statement.

Walmart also entered the fray earlier this year with its own online premium mattress brand, Allswell. It said deliveries will continue to be made as scheduled and that it intends to continue honoring warranties and guarantees.

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"The idea that the proximity of Mattress Firm store locations is related to money laundering or any illegal activity is absolutely false", Murphy told Business Insider in a statement in January.

In conjunction with its prepackaged restructuring plan, Mattress Firm has secured about $250 million in debtor-in-possession financing, which will be available to support its ongoing operations during the Chapter 11 proceedings subject to Court approval.

Mattress Firm's restructuring comes as its parent company, Steinhoff International, fights for survival after revealing $9million of hidden debt a year ago.

The Houston-based retailer was acquired by South African retailer Steinhoff International Holdings for $3.8 billion in 2016.

In Boise, Mattress Firm has four stores near the Boise Towne Square mall.

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