Former Mattress Firm CEO Steve Stagner (now swapped to executive chairman status) told investors yesterday that the increasingly ubiquitous bedding retailer is now planning to identify “duplicative” stores and shut them down, even potentially paying fees to break some leases early. The tactical reversal comes after last year’s rebranding of Mattress Firm’s Mattress Pro subsidiary as additional Mattress Firms, leaving even more Mattress Firm storefronts in even closer proximity than before (including the side-by-side-but-independent storefronts at the corner of Westheimer Rd. and Montrose Blvd., pictured above). Mattress Firm also recently purchased its largest national competitor, Sleepy’s; Bloomberg reports that the purchase brought Houston-based Mattress Firm’s total holdings to about 3,500 retail stores and 80 distribution centers across 48 states.
How many stores will close, and when? Mattress Firm will release the numbers (and the expected closure costs) after it wraps up a portfolio review; the plan is to start shutting underperforming doors within the fiscal year. Mattress Firm currently lists 147 Mattress Firm-branded storefronts between The Woodlands and Lake Jackson.
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