A well-known US furniture retailer, has filed for Chapter 11 bankruptcy protection and is closing all of its stores in Austin, Texas. The announcement was made following the bankruptcy filing on 7 June. The company, which sells top mattress brands including Nextar, Lovett and Smartlife, is now holding clearance sales of up to 80% off at four locations as it prepares to shut its doors permanently.
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The closure of Factory Mattress adds to a growing wave of retail closures across the United States. Industry experts warn that up to 45,000 brick-and-mortar shops could disappear within five years, with home furnishings, clothing and consumer electronics stores among the hardest hit.
In a related move, Smokey Bones, a popular US steakhouse chain, has announced the closure of nine locations, including its Roanoke, Virginia branch. Many of these sites are expected to be converted into Twin Peaks restaurants, as both brands are owned by Fat Brands. A spokesperson confirmed that around 20 Smokey Bones outlets will remain open, while others will be repurposed or closed due to factors such as lease expiry.
The closures underscore the shifting dynamics of the US retail and dining landscape, driven by rising costs and changing consumer habits.
Source: www.the-sun.com
