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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.

Go deeper

Jonathan Swan, Rebecca Falconer
26 mins ago - Health

CDC to cut guidance on quarantine period for coronavirus exposure

A health care worker oversees cars as people arrive to get tested for coronavirus at a testing site in Arlington, Virginia, on Tuesday. Photo: Olivier Douliery/AFP via Getty Images

The CDC will soon shorten its guidance for quarantine periods following exposure to COVID-19, AP reported Tuesday and Axios can confirm.

Why it matters: Quarantine helps prevent the spread of the coronavirus, which can occur before a person knows they're sick or if they're infected without feeling any symptoms. The current recommended period to stay home if exposed to the virus is 14 days. The CDC plans to amend this to 10 days or seven with a negative test, an official told Axios.

  • The CDC did not immediately respond to a request for comment.
Shawna Chen
1 hour ago - Health

CDC panel: COVID vaccines should go to health workers, long-term care residents first

Hospital staff work in the COVID-19 intensive care unit in Houston. Photo: Go Nakamura via Getty

Health-care workers and nursing home residents should be at the front of the line to get coronavirus vaccines in the United States once they’re cleared and available for public use, an independent CDC panel recommended in a 13-1 emergency vote on Tuesday, per CNBC.

Why it matters: Recent developments in COVID-19 vaccines have accelerated the timeline for distribution as vaccines developed by Pfizer and Moderna undergo the federal approval process. States are preparing to begin distributing as soon as two weeks from now.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
2 hours ago - Politics & Policy

Obama: Broad slogans like "defund the police" lose people

Snapchat.

Former President Barack Obama told Peter Hamby on the Snapchat original political show "Good Luck America" that "snappy" slogans such as "defund the police" can alienate people, making the statements less effective than intended.

What he's saying: "You lost a big audience the minute you say it, which makes it a lot less likely that you're actually going to get the changes you want done," Obama told Hamby in an interview that will air Wednesday morning at 6 a.m. EST on Snapchat.

Go deeper (1 min. read)Arrow