Mattress giant in financial collapse: massive debts and revenue decline
No Bull Mattress has filed for creditor protection due to a sharp drop in revenue, inflation, and competition from online brands. An analysis of the debts and market figures behind the industry crisis.
The mattress chain No Bull Mattress & More has filed for creditor protection (Chapter 11) in a South Carolina court. The chain, owned by John S. Madden, operates 10 branches in South Carolina, North Carolina, and New Jersey.
According to bankruptcy documents, the company has seen a sharp deterioration in revenue over the past two years. In the first eight months of 2026, sales stood at approximately $825,414, a significant drop compared to revenues exceeding $1.9 million in 2024.
Documents indicate that the company's assets are valued at $374,535, while total liabilities and debts exceed $2.82 million (of which about $756,000 are unsecured). Inventory offered for sale is valued at approximately $178,055. At this stage, the company has not announced whether it will close branches as part of the reorganization process.
The collapse of the chain reflects a broader negative trend in the industry. Experts explain that mattress replacement is a discretionary purchase, and during periods of economic hardship and inflation, consumers tend to postpone such expenditures.
Furthermore, direct-to-consumer (DTC) online brands have severely impacted physical chains by offering 100-night home trials and free returns, rendering expensive showrooms unnecessary for many consumers.
Coupled with stagnation in the housing market, traditional chains have been trapped in costly contracts without sufficient customer traffic. According to the 2026 Mattress Industry (ISPA) report, the U.S. mattress market recorded a 6.5% decrease in market value and a 13.2% drop in unit shipments.
No Bull Mattress is not the only company facing such challenges. In recent years, the sector has seen a series of bankruptcies among major players, including Serta Simmons Bedding (2023), Factory Mattress and Metro Mattress (2024), American Mattress and Landmark Furniture (2025), and Sleep Number, which filed for Chapter 11 in June 2026 with debts of approximately $672 million.
