(Bloomberg) – Steinhoff International Holdings NV's battle to stabilise itself received a boost as troubled US bedding chain Mattress Firm emerged from bankruptcy with $525 million in funding to support operations.
The $3.8 billion acquisition of Mattress Firm in 2016 proved the final deal of an aggressive expansion drive that led to Steinhoff's near-collapse amid an accounting scandal late last year. Of Steinhoff's various chains around the world, including Conforama in France and Poundland in the UK, Mattress Firm proved among the toughest to keep afloat, and the business entered Chapter 11 bankruptcy in October.