HOUSTON  — Mattress Firm, Inc., the nation's largest mattress retailer, is filing for bankruptcy protection and plans to close up to 700 stores around the country.

The Houston-based company filed for Chapter 11 bankruptcy protection Friday in federal court in Delaware.

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.

In a statement, CEO and president Steve Stagner says 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. and in recent years had been aggressively expanding as it purchased competitors.

Stores closing in North Carolina:

• 1595 Glidewell Drive Suite 101 Burlington, N.C.
• 3137 Waltham Blvd Burlington, N.C.
• 8204 Tryon Woods Drive Cary, N.C.
• 8506 S Tryon Street Unit E Charlotte, N.C.
• 1809 Sardis Road N Charlotte, N.C.
• 1402 West Ehringhaus Street Elizabeth City, N.C.
• 2501 East Franklin Blvd, Ste. Gastonia, N.C.
• 2510 Battleground Ave. Greensboro, N.C.
• 2504 Battleground Avenue Greensboro, N.C.
• 610 SE Greenville Blvd Greenville, N.C.
• 4008 Brian Jordan Place High Point, N.C.
• 7248 GB Alford Highway Holly Springs, N.C.
• 14045 East Independence Blvd Suite C4 Indian Trail, N.C.
• 1011 S Main St Kernersville, N.C.
• 9901 E. Independence Blvd Matthews, N.C.
• 1834 Matthews Township Parkway Matthews, N.C.
• 252 Turnersburg Highway Statesville, N.C.
• 8201 Market Street Wilmington, N.C.
• 235 Harvey Street Winston-Salem, N.C.
• 3274 Silas Creek Parkway Suite #33-36 Winston-Salem, N.C.