Mattress Firm

Mattress Firm Corporation
Subsidiary
Industry Retailer
Founded July 4, 1986 (1986-07-04)
Founder Harry Roberts, Steve Fendrich and Paul Stork
Headquarters Houston, Texas, U.S.
Number of locations
 3,500
Key people
 Kenneth E. Murphy III (CEO)
Products Mattresses, bedding
Brands Lux Living, Hampton & Rhodes
Services Mattress retailer
Revenue $2.541 billion (2015)[1]
$52.9 million (2013)[1]
Total assets $784.6 million (2013)[1]
Total equity $328.4 million (2013)[1]
Number of employees
 3,861 (2014)[2]
Parent Steinhoff International
(2016–present)
Website www.mattressfirm.com

Mattress Firm Inc. is an American retailing company and mattress store chain founded on July 4, 1986. The headquarters of the company is located in Houston, Texas. On 7 August 2016, it was announced that South African retailer Steinhoff International will buy the company.[3]

Business units

As of 2016, the company operated over 3,600 locations in 48 U.S. states.[2][4]

In 2015, Mattress Firm announced its plans to buy out its competitor Sleepy's for $780 million. With this purchase, Mattress Firm would come to have over 3,500 stores. [5]

Mattress Pro

In 2007 Mattress Firm acquired the mattress retailer Mattress Pro.[6]

Sleep Train

The retail bedding manufacturer The Sleep Train Inc operated primarily in California. It was founded by Dale Carlsen in June 1985. The company is based in Rocklin, California.

In June 2000, Sleep Train sold 24 of its stores (mainly in Seattle and Portland), or about 30 percent of its business, to Fenway Partners,[7] a New York private-investment firm which had acquired Sleep Country USA, a competing chain established in 1991, three months earlier.[8][9] At the time, Sleep Train had 44 stores (of which 18 were in Washington) and Sleep Country USA 28.[8] In 2002, Sleep Train Inc. announced plans to purchase 54 of Mattress Discounters' stores in California during that company's bankruptcy—which would more than double Sleep Train's size.[10]

In 2003, Fenway Partners sold Sleep Country USA to the Atlanta-based Simmons Company,[9] and in August 2006, Sleep Train Inc. purchased the then-55-store mattress chain from Simmons.[11]

In September 2011, Sleep Train acquired Christian’s Mattress Xpress, converting three stores into new Sleep Train stores in Visalia, Fresno and Fowler.[12] The following month, October 2011, Sleep Train purchased Mattress Outlet, a 14-store company with 13 stores in eastern Washington and one in Idaho, and America’s Mattress, a seven-store company in western Washington.[13] In October 2012, Sleep Train acquired Sleep City, an 8-store chain in Eastern Washington and Idaho.[14] In April 2014, Sleep Train acquired America’s Mattress in Hawaii. The acquisition included nine local America’s Mattress stores: five stores on Oahu, two stores on the Big Island in Kona and Hilo, and one each on the islands of Maui and Kauai.[15]

On September 4, 2014, Mattress Firm Inc. announced it would buy The Sleep Train Inc. for $425 million.[16] In February and March 2017 the Sleep Train stores were renamed as Mattress Firm outlets.[17]

Sleep Country USA

Sleep Country USA was a Pacific Northwest bedding retailer founded in 1991. It had more than 80 mattress stores in Oregon, Washington and Idaho. The company headquarters were in Kent, Washington.

Sunny Kobe Cook and Robert Cook founded Sleep Country USA in 1991 as a specialty sleep store chain.[18] It started with 8 stores and approximately 25 employees in Washington.[19] In March 2000, New York-based Fenway Partners Inc. acquired Sleep Country from Robert Cook and Sunny Kobe Cook.[20] In 2003, Fenway Partners sold Sleep Country USA to the Atlanta-based Simmons Company. In August 2006, The Sleep Train, Inc. purchased the then-55-store Sleep Country USA Pacific Northwest chain from Simmons for $55m.[21] The chain continued to operate as Sleep Country USA. Sleep Country Canada, an unaffiliated company, uses the same jingle.

In July 2015, the Kent, Washington-based Sleep Country USA company announced that it would begin rebranding all of its stores with the Sleep Train name, the California-based company that is now owned by Mattress Firm.[22] Work to change the signage at stores was expected to continue into the fall of 2015, at least.[23]

Predecessors

Discount Mattress Barn

Discount Mattress Barn (or simply Mattress Barn) was a chain of mattress stores located only in Florida. On August 29, 2014, it was announced that Mattress Firm would acquire all of the remaining Mattress Barn locations.[24] In September 2014, all of the remaining stores converted into Mattress Firm.[25]

References

  1. 1 2 3 4 "Mattress Firm Key Statistics". Yahoo! Finance. Retrieved 27 March 2015.
  2. 1 2 "Mattress Firm Store Locator". Mattress Firm. Retrieved 27 March 2013.
  3. ↑ Stone, Mike (7 August 2016). "Steinhoff to buy Mattress Firm for $3.8 billion including debt". Reuters. Retrieved 10 August 2016.
  4. ↑ "Mattress Firm Completes Acquisition of Mattress Giant". Business Wire. Retrieved 16 May 2012.
  5. ↑ "Mattress Firm says it will buy Sleepy's for $780M". CBS News. Retrieved 1 December 2015.
  6. ↑ "Mattress Firm takes over Mattress Pro stores". Austin Business Journal.
  7. ↑ Johnson, Kelly (June 11, 2000). "Sleep Train sells off 24 stores for cash in Seattle, Portland". Sacramento Business Journal. Retrieved July 10, 2011.
  8. 1 2 Lee, Thomas (March 3, 2000). "N.Y. firm acquires Sleep Country". The Seattle Times. Retrieved July 10, 2011.
  9. 1 2 Levesque, John (August 9, 2009). "Sleep Country jingle has been waking up the Northwest for 18 years". Seattle Post-Intelligencer. Retrieved July 10, 2011.
  10. ↑ Johnson, Kelly (October 23, 2002). "Sleep Train agrees to buy 54 stores". Sacramento Business Journal. Retrieved July 10, 2011.
  11. ↑ "Sleep Train purchases Sleep Country USA". Sacramento Business Journal. August 30, 2006. Retrieved July 10, 2011.
  12. ↑ Sleep Train announces acquisition, expansion. The Business Journal. Retrieved May 6, 2012.
  13. ↑ Sleep Train buys two mattress companies. Sacramento Business Journal, October 28, 2011. Retrieved May 6, 2012.
  14. ↑ Sleep Train acquires more stores, expanding Got Sleep format. Sacramento Business Journal, October 26, 2012. Retrieved November 2, 2012.
  15. ↑ Slaughter, Powell (April 10, 2014). "Sleep Train to Acquire America’s Mattress in Hawaii". Home Furnishings Business. Retrieved May 11, 2015.
  16. ↑ "Mattress Firm buying Sleep Train for $425 million". The Seattle Times.
  17. ↑ "FAQ - Sleep Train is Now Mattress Firm". Sleep Train. Starting in February, Sleep Train stores are being re-named to Mattress Firm. Customers will see store signs change from Sleep Train to Mattress Firm through March.
  18. ↑ "Sleep Country USA marks 20 years". Bed Times. July 2011. Retrieved May 30, 2012.
  19. ↑ Sleep Country Celebrates 20th Year Anniversary Sleep Country website. Retrieved May 30, 2012
  20. ↑ Goldfield, Robert (September 7, 2003). "Simmons selling region's biggest mattress retailers". Puget Sound Business Journal. Retrieved May 30, 2012.
  21. ↑ "Simmons selling Sleep Country for $55M". Puget Sound Business Journal. July 6, 2006. Retrieved May 30, 2012.
  22. ↑ "Sleep Country stores will adopt Sleep Train name". The Columbian. Vancouver, Washington. July 15, 2015. Retrieved August 2, 2015.
  23. ↑ "Business Beat". Register-Guard. Eugene, Oregon. July 25, 2015. Retrieved August 2, 2015.
  24. ↑ "Mattress Firm to Acquire Back to Bed, Bedding Exprerts, and Mattress Barn Stores". Mattress Firm. 29 August 2014. Archived from the original on 3 March 2017. Retrieved 12 July 2016.
  25. ↑ Symington, Steve (11 September 2015). "Why Mattress Firm Holding Corp. Stock Plunged More Than 20% on Friday". The Motley Fool. Retrieved 14 July 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.