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The mission was honest and simple: Find an explanation for why the nation’s leading purveyor of comfort kings and queens decided to open a store across the ever-growing Moreland Avenue—a store with the same hours of operation.
How Many Mattress Firm Stores Are There
Mattress Firm operates more than 80 stores in the metro area. And now, the two are not far apart, just south of Little Five Point. The move has left the city scratching its head for months.
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The day after the story was published, Mattress Firm’s director of communications, Casey Zuber, shed light on the MF Empire’s strategy with the following statement from the chart:
“We want our customers to put us first when purchasing a mattress, which is replaced approximately every eight years. Our real estate strategy is to open stores at high-traffic intersections and shopping centers in our key markets to maintain Notability. This can sometimes lead to the location of a mattress company nearby. No matter which store you visit, our goal is to provide a great shopping experience so you can find the right mattress for a good night’s sleep. “
So’s new mattress section was born out of a company’s real estate-like idea — location, location, location — and the desire to flood into the area.
Freakonomics Radio did an in-depth, low-key look at America’s “mattress retail bubble” last year and found an estimated 9,200 mattress retailers popping up across the country. (It’s ubiquitous, considering there are only 2,500 Starbucks stores in the US). Therefore, a certain population overlap is inevitable, and the high profits of mattress sales and ample retail space make “clustering” possible. This, in turn, allows mattress stores to share labor, products and customer bases for higher profits, the researchers note. Mattress Firm Inc. is an American mattress store chain founded on July 4, 1986. The company is headquartered in Houston, Texas.
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The company plans to close 200 unprofitable stores as quickly as possible to break 700 leases and is considering closing the other 500 of the more than 3,300 stores it was operating at the time.
In March 2020, Mattress Firm was one of several retailers to announce that they would not pay some or all of their April advances.
In 2007, Mattress Firm acquired Mattress Pro, a mattress retailer with locations in the southern US (Texas and Nevada).
Bedding manufacturer The Sleep Train Inc operates primarily in California. It was founded in June 1985 by Dale Carls. The company is headquartered in Rocklin, California.
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In June 2000, Sleep Train sold its 24 stores (mainly in Seattle and Portland) (approximately 30% of its business) to Fway Partners,
Three months ago, a New York private equity firm bought Sleep Country USA, a competing chain founded in 1991.
At the time, Sleep Train had 44 stores (including 18 in Washington) and Sleep Country USA had 28.
In 2002, Sleep Train Inc. announced plans to acquire Mattress Discounter’s 54 California locations amid the company’s bankruptcy — which would more than double Sleep Train’s size.
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In September 2011, Sleep Train acquired Christian’s Mattress Xpress and converted three stores in Visalia, Fresno and Fowler, CA into new Sleep Train stores.
The following month, in October 2011, Sleep Train acquired Mattress Outlet, a 14-store business with 13 in Eastern Washington, one in Idaho, and acquired America’s Mattress, which has seven stores in Western Washington.
In April 2014, Sleep Train acquired America’s Mattress in Hawaii. The acquisition includes nine local America’s Mattress locations: five on Oahu, two on the Big Island in Kona and Hilo, and one each in Maui and Kauai.
On September 4, 2014, Mattress Firm Inc. announced that it would acquire The Sleep Train Inc. for $425 million.
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Sleep Country USA is a bedding retailer in the Pacific Northwest founded in 1991. It has more than 80 mattress stores in Oregon, Washington and Idaho. The company is headquartered in Washington, Kt.
Sunny Kobe Cook and Robert Cook founded Sleep Country USA in 1991 as a chain of specialty sleep stores.
In March 2000, New York-based Fway Partners Inc. acquired Sleep Country from Robert Cook and Sunny Kobe Cook.
In 2003, Fway Partners sold Sleep Country USA to Atlanta-based Simmons Corporation. In August 2006, The Sleep Train, Inc. acquired Sleep Country’s 55th Pacific Northwest location from Simmons for $55 million.
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The chain continues to operate as Sleep Country USA. Sleep Country Canada, an unrelated company, uses the same jingle.
In July 2015, Connecticut, Washington-based Sleep Country USA, the California-based company now owned by Mattress Firm, announced it would begin rebranding all of its stores with the Sleep Train name.
Changes to store signage are expected to continue through at least Fall 2015.
Mattress Barn is a mattress store chain located only in Florida. On August 29, 2014, Mattress Firm announced that it would acquire all remaining Mattress Barn locations.
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In 2015, Mattress Firm announced plans to acquire rival Sleepy’s for $780 million. With this acquisition, Mattress Firm will have more than 3,500 stores.
Sleep America is an Arizona bedding retailer founded in 1997 by Debbie and Leonard Gaby. At the time Mattress Firm bought the business, they had about 30 stores. They are headquartered in Fix, Arizona.
Over the next four months, all Sleep America stores were closed and converted to Mattress Firm stores. Some locations became approval centers for mattress companies. HIGH PUNK – Mattress Firm’s restructuring plan could boost bedding revenue by nearly $380 million, analysts say.
That’s the estimated number of the retailer’s 700 stores, which are currently operating under Chapter 11 and have said they may close.
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The 700 stores represent a massive retail footprint that will be the third largest mattress footprint in the country behind Mattress Firm and Big Lots.
Mattress Firm believes it will keep at least half of those stores, but it could still spend $190 million on other bedding retailers, a rare and rewarding deal for a bedding retailer facing today’s challenging business environment. Welcome windfall.
However, contingencies don’t happen automatically. Bedding industry insiders say a more aggressive mattress company could snatch more than half the business from closing stores. Insiders warn that there are many intangible assets at play that are not easily amenable to simple spreadsheet analysis.
Tempur Sealy International has said it is considering some of those leases as it aggressively expands its company-owned Tempur-Pedic stores.
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Based on double-digit store closures, Mattress Firm’s largest store layoff states are North Carolina, where 33% of stores are closing; Illinois, with 30% of stores closed; and Virginia, with 27% of stores Closed; 23% of stores closed in the states of Arizona and Maryland, according to a list of closures reviewed by Furniture Today.
In Texas, where Mattress Firm has a strong retail presence, the company plans to close 61 stores, but that represents just 15% of its stores in the state.
Mattress Firm said many of the stores that will close are located in close proximity to other Mattress Firm stores, which means other retailers who have secured these leases will find themselves on “Mattress Row”, which is an attractive location.
While the stores closing may not be the most productive units — Mattress Firm stores brought in an average of about $960,000 in revenue last year — they add up.
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The $380 million estimate for the number of store closures assumes those stores will generate an average annual revenue of about $540,000 each, a figure that bedding industry insiders believe is reasonable.
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