Oct 6, 2018

Mattress Firm files for bankruptcy, plans to close hundreds of stores

Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

The largest mattress retailer in the U.S., Mattress Firm, Inc., announced on Friday it would be closing up to 700 stores nationwide as it filed for bankruptcy protection, the Associated Press reports.

The details: The company said its fast growth and increase of stores — of which there are more than 3,200 in total — resulted in "cannibalization" of sales. It owes mattress producer Simmons Manufacturing almost $65 million, , per the AP, and has "more than $1 billion in liabilities and...more than 50,000 creditors." CEO Steve Stagner is hopeful that Mattress Firm's restructure, as well as the bankruptcy filing, will help stabilize the company.

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Axios
Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 31,478,387 — Total deaths: 968,726 Total recoveries: 21,622,862 — Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 6,895,685 — Total deaths: 200,768 — Total recoveries: 2,646,959 — Total tests: 96,612,436 — Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
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  6. Sports: NFL fines maskless coaches.
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Jacob Knutson, Orion Rummler
2 hours ago - Politics & Policy

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

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Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

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