Mattress Firm, which is 50.1% owned by Steinhoff and is the leading speciality mattress retailer in the United States with more than 2,300 stores, emerged out of bankruptcy in 2018 after filing for Chapter 11 protection to gain some breathing room to restructure and shore up its finances. Steinhoff, which has its primary listing on the Frankfurt Stock Exchange, has been restructuring the debt of some units and reducing group debt and financing costs through asset sales and public listings after revealing multi-billion euro holes in its balance sheet in 2017. Earlier this year, it listed Poundland owner Pepco Group, receiving proceeds of 1 billion euros ($1.18 billion), most of which was used to reduce debt.