• Mattress Firm, which grew rapidly in recent years, will close 200 stores during the next 18 months.See other notable companies that faced financial problems. Photo: Gary Fountain, For The Chronicle / Freelance

Mattress Firm chairman Steve Stagner said this week that the Houston-based bedding retailer plans to close 200 stores within the next 18 months in a bid to improve performance as parent company Steinhoff International grapples with a deepening financial scandal.

Steinhoff, which last year acquired Mattress Firm for $3.8 billion, is quickly running out of cash amid an accounting investigation involving the validity of its past financial statements and the value of some $7 billion in assets.

The company recently released an audio recording of a Tuesday meeting with lenders during which it revealed that it did not have “detailed visibility” into the cash flows of its many subsidiaries.

During the meeting, Stagner…