Mattress Discounters, Mattress Firm swap 12 stores
By Larry Thomas -- Furniture Today, March 24, 2002
UPPER MARLBORO , Md. — UPPER MARLBORO , Md. — Mattress Discounters and Mattress Firm, two of the nation's biggest bedding specialty chains, have swapped stores in the Richmond, Va., and Tampa, Fla., markets.
Under terms of an agreement, Mattress Firm is leaving Richmond and selling its four stores to Mattress Discounters.
In turn, Mattress Discounters is leaving Tampa and selling its eight store leases to Mattress Firm. The deal leaves Mattress Discounters with 302 stores and Mattress Firm with approximately 310.
Steve Newton, chief executive officer of Mattress Discounters, said the Tampa market had been an unprofitable one for his company in recent years, so the retailer opted to focus on its plan to add 30 stores in its 14 remaining markets in 2002.
"Tampa is a market in which we struggled for two years against a number of well-established competitors," he said.
"Exiting this market was a difficult decision to make, but … we must devote our assets to the markets that have the greatest sales and profit potential."
Both retailers carry Sealy and Stearns & Foster as their only national bedding brands, and Mattress Discounters also sells a private-label brand called Factory Direct that is produced in two company-owned factories.
Mattress Holdings Inc., a unit of Sealy Inc., has a minority interest in both retailers.
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