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Author Topic: Mattress Firm Files For Bankruptcy  (Read 1144 times)

Brandon

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Mattress Firm Files For Bankruptcy
« on: October 05, 2018, 11:17:33 AM »

This is what over-expansion and gobbling up the competition will get you.  That, and having up to three stores at a corner.

Mattress Firm files for Chapter 11 bankruptcy protection, will close up to 700 stores

Quote
The Houston-based retailer has been ailing amid a surge of bed-in-a-box online retailers, too many physical stores and an accounting mess at its parent company, Steinhoff International.

Mattress Firm plans to close as many as 700 of its 3,230 stores. Those stores are located "in certain markets where we have too many locations in close proximity to each other," Mattress Firm CEO Steve Stagner said in a statement.

About 200 will close within days. The company has nearly 10,000 employees.

I doubt the internet had as much to do with it as way too many store way to close to each other, say, two or three at a corner.

And don't look for a deal either.

Quote
Mattress Firms said in a court filing that it will not conduct typical going-out-of-business sales, where customers might score a deal.

The big problem they have:

Quote
The retailer ballooned in size in recent years through a series of acquisitions – Mattress Giant in 2012, Sleep Train in 2014 and Sleepy’s in 2016.

It was too much, too fast.

Can't blame the internet for that.  That's self-inflicted.
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Re: Mattress Firm Files For Bankruptcy
« Reply #1 on: October 05, 2018, 12:11:31 PM »

So, closing 700 stores.  That means they'll be down to 42,562,956.35 stores.
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Re: Mattress Firm Files For Bankruptcy
« Reply #2 on: October 05, 2018, 12:53:03 PM »

The liquidation sales at Babies R Us were a joke: No discounts at all on diapers, and they couldn’t further discount floor models. I’m surprised there won’t be deep discounts on mattresses. Given the insane markup on them, they could sell them at a significant discount and still pay off their creditors.
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Brandon

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KEVIN_224

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Re: Mattress Firm Files For Bankruptcy
« Reply #4 on: October 05, 2018, 08:52:54 PM »

The Newington, CT store had a Toys R Us store visible from its front entrance. :(
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thenetwork

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Re: Mattress Firm Files For Bankruptcy
« Reply #5 on: October 06, 2018, 03:35:03 PM »

So, closing 700 stores.  That means they'll be down to 42,562,956.35 stores.


They'd be right up there with Starbucks if they went ahead and had mini-MFs in every grocery store in town.
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jakeroot

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Re: Mattress Firm Files For Bankruptcy
« Reply #6 on: October 06, 2018, 04:09:10 PM »

Always too bad when crap like this happens.

For the longest time, Sleep Country (USA) had a big grip on the Pacific Northwest (being based here), and still does in Canada (shared logo and jingle but separate companies). Then they were bought by Sleep Train (good riddance -- terrible jingle), and then bought again by Mattress Firm, a group I'd never heard of. Only four stores in WA/OR/ID closing, so their locations out here are evidently more profitable and not as closely spaced (also more competition). Nevertheless, I'd bring back that Sleep Country jingle in a second if I could!
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jp the roadgeek

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Re: Mattress Firm Files For Bankruptcy
« Reply #7 on: October 07, 2018, 01:01:40 AM »

The Newington, CT store had a Toys R Us store visible from its front entrance. :(

And is right next to Stew Leonard's, which was once a Caldor.
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Re: Mattress Firm Files For Bankruptcy
« Reply #8 on: October 07, 2018, 03:02:18 AM »

Always too bad when crap like this happens.

For the longest time, Sleep Country (USA) had a big grip on the Pacific Northwest (being based here), and still does in Canada (shared logo and jingle but separate companies). Then they were bought by Sleep Train (good riddance -- terrible jingle), and then bought again by Mattress Firm, a group I'd never heard of. Only four stores in WA/OR/ID closing, so their locations out here are evidently more profitable and not as closely spaced (also more competition). Nevertheless, I'd bring back that Sleep Country jingle in a second if I could!

Almost like north TX, Mattress Firm bought Mattress Giant, then later on, Sleep Experts.  For some reason, Mattress Firm assimilated all the Mattress Giant stores while thinning out a few; while they left the Sleep Experts stores named the same.  I always wondered if they were really biting off more than they could chew.

I looked on the TX list, there's a few up here closing, more around the Houston area.  Even with the few they're closing, there's still a butt-load of them left over.  There's only one multi-corner example that I know of--north of downtown Dallas a few exits up on US 75, there are 2 Mattress Firm storefronts on the SW corner, 1 on the NW corner, and a Sleep Experts on the SE corner.
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freebrickproductions

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Re: Mattress Firm Files For Bankruptcy
« Reply #9 on: October 07, 2018, 12:39:22 PM »

None here in Huntsville closing, not even the one on Airport Road which is right next to a Mattress King and a Bedz Express.
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Re: Mattress Firm Files For Bankruptcy
« Reply #10 on: October 08, 2018, 09:54:58 AM »

Only one in Michigan closing. Oddly, Mattress Firm has zero stores in metro Detroit
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inkyatari

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Re: Mattress Firm Files For Bankruptcy
« Reply #11 on: October 08, 2018, 11:20:32 AM »

So, closing 700 stores.  That means they'll be down to 42,562,956.35 stores.


They'd be right up there with Starbucks if they went ahead and had mini-MFs in every grocery store in town.

I'm surprised there's isn't a starbucks in Mattress Firm stores.
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Re: Mattress Firm Files For Bankruptcy
« Reply #12 on: October 08, 2018, 02:00:55 PM »

Always too bad when crap like this happens.

For the longest time, Sleep Country (USA) had a big grip on the Pacific Northwest (being based here), and still does in Canada (shared logo and jingle but separate companies). Then they were bought by Sleep Train (good riddance -- terrible jingle), and then bought again by Mattress Firm, a group I'd never heard of. Only four stores in WA/OR/ID closing, so their locations out here are evidently more profitable and not as closely spaced (also more competition). Nevertheless, I'd bring back that Sleep Country jingle in a second if I could!

I haven't heard the jingle in I don't know, 10 years? Maybe more. But yeah I still vividly remember it. Honestly probably one of the most memorable TV jingles I can think of (Wilson's Furniture in Redmond/Bend might be a runner-up for me personally, but I can't find a clip and I don't know if they still use it).

I'm surprised one of the Mattress Firms at the Glenwood/State St intersection in Garden City/Boise (both stores are in GC) isn't on the closing list, they're literally across the street from each other.

jakeroot

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Re: Mattress Firm Files For Bankruptcy
« Reply #13 on: October 08, 2018, 02:45:11 PM »

Always too bad when crap like this happens.

For the longest time, Sleep Country (USA) had a big grip on the Pacific Northwest (being based here), and still does in Canada (shared logo and jingle but separate companies). Then they were bought by Sleep Train (good riddance -- terrible jingle), and then bought again by Mattress Firm, a group I'd never heard of. Only four stores in WA/OR/ID closing, so their locations out here are evidently more profitable and not as closely spaced (also more competition). Nevertheless, I'd bring back that Sleep Country jingle in a second if I could!

I haven't heard the jingle in I don't know, 10 years? Maybe more. But yeah I still vividly remember it. Honestly probably one of the most memorable TV jingles I can think of (Wilson's Furniture in Redmond/Bend might be a runner-up for me personally, but I can't find a clip and I don't know if they still use it).

As far as memorable jingles, I'm pretty sure the Sleep Country jingle is in my top two. Probably first place. You can still hear it if you have access to Canadian television.

I'm surprised one of the Mattress Firms at the Glenwood/State St intersection in Garden City/Boise (both stores are in GC) isn't on the closing list, they're literally across the street from each other.

That's ridiculous. They should have taken the opportunity to combine stores.

In the Tukwila area, south of Seattle, there are four Mattress Firms within minutes of one another. One of these is closing. The other is a lone store in Tacoma:

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Brandon

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Re: Mattress Firm Files For Bankruptcy
« Reply #14 on: October 08, 2018, 02:50:08 PM »

^^ That's worse than this, which I thought was pretty bad (and none of these three are the closing list): https://goo.gl/maps/698BY6WD3G32
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Re: Mattress Firm Files For Bankruptcy
« Reply #15 on: October 08, 2018, 02:51:18 PM »

Always too bad when crap like this happens.

For the longest time, Sleep Country (USA) had a big grip on the Pacific Northwest (being based here), and still does in Canada (shared logo and jingle but separate companies). Then they were bought by Sleep Train (good riddance -- terrible jingle), and then bought again by Mattress Firm, a group I'd never heard of. Only four stores in WA/OR/ID closing, so their locations out here are evidently more profitable and not as closely spaced (also more competition). Nevertheless, I'd bring back that Sleep Country jingle in a second if I could!

I haven't heard the jingle in I don't know, 10 years? Maybe more. But yeah I still vividly remember it. Honestly probably one of the most memorable TV jingles I can think of (Wilson's Furniture in Redmond/Bend might be a runner-up for me personally, but I can't find a clip and I don't know if they still use it).

I'm surprised one of the Mattress Firms at the Glenwood/State St intersection in Garden City/Boise (both stores are in GC) isn't on the closing list, they're literally across the street from each other.

There's a plan in the works to get rid of at least one of them- ITD and ACHD are working on a reconfiguration of that intersection and the proposed concepts mostly take out one of them.

http://www.achdidaho.org/Projects/proj_study_glenwood-and-state-intersection-study.aspx
« Last Edit: October 08, 2018, 02:53:32 PM by corco »
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Brandon

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Re: Mattress Firm Files For Bankruptcy
« Reply #16 on: October 08, 2018, 03:06:33 PM »

Jake, think I got you beat here finally.  Six (yes, six) Mattress Firm stores all around the Fox Valley Mall area in Aurora/Naperville.
https://goo.gl/maps/YwpCbptckfH2
They're almost in a line along IL-59, in less than 2 miles.
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jakeroot

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Re: Mattress Firm Files For Bankruptcy
« Reply #17 on: October 08, 2018, 04:56:54 PM »

Jake, think I got you beat here finally.  Six (yes, six) Mattress Firm stores all around the Fox Valley Mall area in Aurora/Naperville.
https://goo.gl/maps/YwpCbptckfH2
They're almost in a line along IL-59, in less than 2 miles.

Fuck me. I hope some (all but one?) of those are closing.

Then again, that's what happens when you buy everyone else but don't consolidate.
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US71

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Re: Mattress Firm Files For Bankruptcy
« Reply #18 on: October 08, 2018, 05:01:25 PM »

It's odd: they just announced a new store for my area about a month ago.
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Re: Mattress Firm Files For Bankruptcy
« Reply #19 on: October 08, 2018, 10:19:01 PM »

Mattress Firm is finishing up construction on a new store, in front of my employer, in Delaware (Oh).
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Re: Mattress Firm Files For Bankruptcy
« Reply #20 on: October 08, 2018, 10:44:17 PM »

Jake, think I got you beat here finally.  Six (yes, six) Mattress Firm stores all around the Fox Valley Mall area in Aurora/Naperville.
https://goo.gl/maps/YwpCbptckfH2
They're almost in a line along IL-59, in less than 2 miles.

I was going to bring up the cluster of three on the south end of this image, which I discovered by driving through it flabbergasted with my girlfriend.  There are three along IL-59 within 1000ft of each other.  It's complete insanity.

We all know it's a money laundering operation, right?
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Re: Mattress Firm Files For Bankruptcy
« Reply #21 on: October 09, 2018, 12:52:29 PM »

It won't be the same come next Presidents Day.
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Re: Mattress Firm Files For Bankruptcy
« Reply #22 on: October 09, 2018, 01:44:55 PM »

It won't be the same come next Presidents Day.
We’ll always have the semi-annual Arbor Day sale.
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Re: Mattress Firm Files For Bankruptcy
« Reply #23 on: October 09, 2018, 02:08:37 PM »

It's odd: they just announced a new store for my area about a month ago.

It's more common than people realize to open a store only to have the company close other stores.
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Re: Mattress Firm Files For Bankruptcy
« Reply #24 on: October 09, 2018, 05:05:54 PM »

It's odd: they just announced a new store for my area about a month ago.

It's more common than people realize to open a store only to have the company close other stores.
Especially if the closing stores are in declining areas and the opening stores are in growing areas
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