This one might have some teeth. Mattress Firm is owned by Steinhoff International, the second largest furniture retailer in the world, just after IKEA. In the region, Mattress Firm has more than 15 stores in the Lehigh Valley and adjacent counties. The stores include seven in Lehigh County and three in Northampton County.
Mattress retail revenue, the retailer said it is the largest omnichannel mattress specialist retailer in the country and has a market share of around 20%. Neither Steinhoff nor Mattress Firm assumes any duty or obligation to update the forward-looking statements contained in this press release as a result of new information, future events, or changes in their expectations. Mattress Firm, founded in 1986, has approximately 3,500 stores in 48 states with 80 distribution centers. Steinhoff completed the acquisition of Mattress Firm concurrently with the payment of the shares previously tendered under the merger agreement by merging an indirect wholly owned subsidiary with Mattress Firm.
Market with an industry-leading partner and a domestic supply chain, but you will also expand Steinhoff's global market reach into the core category of mattress products. In addition, one of Mattress Firm's main suppliers, Tempur Sealy International, stopped selling to the company due to a price dispute. For the past 10 years, they have been buying regional chains after regional chains of mattress sellers. Casper offered only three varieties of mattresses, which gave it an edge over stores that sold a confusing assortment of soft, firm, foam, elastic mattresses and everything else.
MFRM, through its brands including Mattress Firm, Sleepy's and Sleep Train, offers a wide selection of traditional and specialty mattresses, bedding accessories and other related products. I had to see this in action for myself, so I dropped the location of WBUR on a map and called the Mattress Firm stores within a radius of about 16 miles. Mattress Firm hopes that a slimmer store base will allow it to remain relevant to shoppers who need a new bed. Instead of investing in digital tools and shipping infrastructure, Mattress Firm expanded its store base at exactly the wrong time.
And right after Steinhoff made that purchase, Jooste had a big clash with one of Mattress Firm's main suppliers, Tempur Sealy, which affected the sales of both companies. Mattress Firm has more than 3,300 stores across the country and plans to quickly close 200 of them.