This article is owned by Furniture Today and authored by industry veteran Mr. David Perry

Steinhoff International says that “work remains” to ensure that Mattress Firm has the working capital it requires.

Mattress Firm’s capital needs, identified at $200 million in December, have not yet been met, Steinhoff indicated in a quarterly report on its businesses.

It singled out Mattress Firm in a discussion of businesses for which “work remains to be done to ensure that the group and its operating businesses have the required working capital.”

Those comments were made by Heather Sonn, the company’s acting chair.

She said that following the announcement in December of accounting irregularities at Steinhoff, the resignation of the company’s CEO and the launching of an independent forensic investigation, the group’s “essential working capital, especially in its businesses outside of South Africa, largely dried up as the access of our operating businesses to their banking facilities and other credit lines was severely constrained.”

Sonn said the company has had several update meetings with its lenders and credit insurers in December and January.

“The majority of the group’s international operating subsidiaries have now arranged their own working capital facilities and these local financings, together with the release of funds from the group’s South African operations and certain limited non-core asset sales, have largely addressed the group’s near-term liquidity needs,” Sonn said.

“However,” she continued, “given the ongoing cash needs of the group’s operating businesses (in particular Mattress Firm in the U.S.) and the fact that the group has, in most part, agreed not to access undrawn amounts under its European credit facilities, work remains to be done to ensure that the group and its operating businesses have the required working capital. Discussions with our various lender groups, at both South African and international level, are continuing.”

Mattress Firm said in December that it needed an investment of $200 million to meet its strategic plans for its 2018 fiscal year. It announced later that month that it had secured an asset-backed credit facility with the availability of $75 million and the potential full availability of $225 million.

Official Mattress Reviews by Honest Reviews

WORLD-CLASS

U.S. MARKET

Love & Sleep by Nest Bedding
$599 queen
Mattress Review
Customer Reviews
Try In-Store
eLuxury Supply
$680 queen
Coming Soon
Customer Reviews
Gel Foam Bed Logo
$649 queen
Mattress Review
Customer Reviews
tulo Logo
$650 queen (Soft)
Mattress Review
Customer Reviews
Try In-Store
tulo Logo
$650 queen (Medium)
Mattress Review
Customer Reviews
Try In-Store
tulo Logo
$650 queen (Firm)
Mattress Review
Customer Reviews
Try In-Store
Brooklyn Bedding
$750 queen (Signature)
Mattress Review
Customer Reviews
Try In-Store
Leesa Mattress Review
$940 queen
Mattress Review
Customer Reviews
Try In-Store
irlRank
Amore Beds
$825 queen
Mattress Review
Customer Reviews
Snuz Mattress Logo
$850 queen
Coming Soon
Customer Reviews
Luft Mattress
$850 queen
Mattress Review
Customer Reviews
Nuvanna
$890 queen
Mattress Review
Customer Reviews
Helix
$900 queen
Mattress Review
Customer Reviews
Try In-Store
Dromma Bed
$900 queen
Mattress Review
Customer Reviews
Quilbed
$950 queen
Mattress Review
Customer Reviews
Try In-Store
KUTSON Mattress
$950 queen
Mattress Review
Customer Reviews
Tanda Mattress
$950 queen (Luxury)
Pending Product
Customer Reviews
Tomorrow Sleep
$990 queen
Mattress Review
Customer Reviews
Tuck Mattress
$990 queen
Mattress Review
Customer Reviews
2920 Sleep Logo
$995 queen
Mattress Review
Customer Reviews
Tuft And Needle Review
$995 queen (Mint)
Mattress Review
Customer Reviews
Try In-Store
NovosBed
$999 queen
Mattress Review
Customer Reviews
Rem-Fit Sleep 400
$1099 queen
Mattress Review
Customer Reviews
Spoon Mattress
$1100 queen
Mattress Review
Customer Reviews
Alexander Hybrid
$1199 queen
Mattress Review
Customer Reviews
Try In-Store
Indigo Sleep
$1245 queen
Mattress Review
Customer Reviews
Big Fig Mattress
$1499 queen
Mattress Review
Customer Reviews
SleepOvation
$1999 queen
Mattress Review
Customer Reviews
Urban Mattress
$2000 queen
Mattress Review
Customer Reviews
IntelliBed
$3899 queen
Mattress Review
Customer Reviews

WORLD-CLASS

CANADA MARKET

Douglas Mattress Chiro Foam
C$990 queen
Mattress Review
Customer Reviews
white

POOR RATING

U.S. MARKET

white white white

Media Outreach

Load More By honest mattress reviews
Load More In Industry News
Comments are closed.