Mattress Firm, Inc., is filing for bankruptcy protection and plans to close around 700 stores across the country.
The Houston-based company, which is the nation's largest mattress retailer, filed for Chapter 11 bankruptcy protection Friday in federal court in Delaware.
There are Mattress Firm stores on 53rd Street and Elmore Avenue in Davenport, plus an Illinois location on 7th Street and John Deere Road, Moline.
The firm has more than $1 billion in liabilities and has more than 50,000 creditors, according to court documents. It owes its largest creditor, mattress maker Simmons Manufacturing Co., nearly $65 million.
In a statement, CEO and president Steve Stagner said the bankruptcy filing will allow the company to "strengthen our balance sheet" and close stores in certain markets with "too many locations in close proximity to each other."
The company has more than 3,000 stores in the U.S.
(Associated Press contributed to this report.)