Mattress Firm announced today they have filed for Chapter 11 bankruptcy protection and will be closing close to 700 stores.

KALB.com says that according to court documents, "Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors. It owes its largest creditor, mattress maker Simmons Manufacturing Co., nearly $65 million."

Mattress Firm has more than 3,000 stores in the U.S. and says they'll be closing stores in certain markets with "too many locations in close proximity to each other."

No word as of now about the Lafayette location of Mattress Firm.