There were about 235 Mattress Firm stores in the Chicago area, for example, often close to one another. The shares were heavily shorted. Mattress Firm's property leases are now a big reason why Steinhoff's finances are so stretched, and why I think it will eventually have to write down some of the €2.3 billion of balance sheet goodwill relating to the deal. That would leave another hole in its accounts. Last year, Mattress Firm filed suit against two former executives, alleging they had conspired with a real estate broker and property developers in a "massive, multi-year fraud, bribery, and kickback scheme." You can read the allegations of cash payments, expensive wine and watches, first-class trips and gambling junkets here. The parties named in the suit have denied wrongdoing. In a nutshell, Mattress Firm alleges that employees responsible for finding stores to rent were in cahoots with the people who owned or brokered those properties.