\'A wake-up call for traditional mattress chains\': Mattress Firm files for bankruptcy

2020/06/13
Mattress companies, China\'s largest mattress chain, filed for bankruptcy on Friday, becoming the latest retailer to succumb to the growing online competition. The Houston-
According to its bankruptcy application, companies based in 3,400 locations across the country plan to close 200 stores in the coming days and close up to 700 by the end of the year.
The company said it expects no delay in delivery and will continue to pay the supplier\'s fees in full.
\"Before the holiday shopping season comes, we will exit as many as 700 stores in certain markets where we have too many locations close to each other,\" Steve Stana, the chief executive of the mattress company said in a statement.
He added that the company will take advantage of the money saved from the closing of the store \"to improve the supply of our products and provide greater value to our customers, and strategically expand in the existing market where we believe we have the greatest opportunity to serve our customers.
\"Mattress Company is the latest in a range of national retailers, including Brookstone and West, to file for bankruptcy due to the influx of consumers online.
Founded in 1986, the company has long been a stronghold in the mattress industry.
In 2015, it acquired rival Sleepy\'s for $0. 78 billion and announced plans to expand in the northeast and central regions
Atlantic region.
But analysts say the company has too many locations. -
And do too little to keep up with online competitors who win shoppers at a convenient and more transparent price. \"This is a wake-up call --
Call for a traditional mattress chain: the 1960 s model is no longer working, \"said New York chief executive Bob fibs.
Retail Doctor consulting company.
Traditional mattress
The buying experience doesn\'t make people feel important.
It makes them feel used.
\"In short, he said, buying a mattress is like buying a used car: customers don\'t know how to compare one model to another, the spate of promotions and discounts upset them about whether they actually got a good deal.
\"The reality is that the mattress company is mature and can interrupt production,\" said Phibbs . \".
Just days after Amazon went bankrupt, the mattress company filed for bankruptcy.
Com announced it will enter the online platformin-a-
The box business has been promoted in recent years by companies such as Casper, Tuft & Needle and Leesa.
Earlier this year, Wal-Mart launched its own online premium mattress brand allready.
The basic premise of each brand is the same: buy a mattress online and try it at home.
You will get a full refund if you don\'t like it.
(Jeff Bezos, Amazon\'s founder and chief executive, also owns The Washington Post.
) Mattress company has other issues as well: last year it lost an important contract with Tempur Sealy International and its parent company, steininternational Holdings, was caught in an accounting scandal.
Between falling sales and excessive sales
Expansion, this is a downhill battle for mattress companies, \"said Stephanie Lieb, a bankruptcy lawyer in Tampa, Florida.
Based on the Law of Trenam.
\"If consumers buy a brick --and-
Because they want better service, not just mattresses.
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