As the mattress market becomes increasingly competitive, major retailers are feeling the pressure to downsize and restructure. Mattress Firm, one of the largest mattress retailers in the United States, has announced plans to close 200 stores across the country. This decision comes as no surprise, as the company has been struggling to keep up with new online competitors and changing consumer preferences. Mattress Firm, owned by Steinhoff International Holdings, has been a dominant player in the mattress industry for decades. However, the rise of online mattress companies such as Casper, Purple, and Nectar has disrupted the traditional brick-and-mortar retail model. These direct-to-consumer companies offer convenience, competitive pricing, and a more personalized shopping experience, making it difficult for traditional retailers to compete.1. "Mattress Firm to Close 200 Stores as Competition Grows"
The struggles of Sears Holdings Corporation have been well-documented in recent years, and the closures keep coming. The company has announced plans to close 80 more Sears and Kmart stores by March 2020, including some that house mattress departments. This news follows a string of previous closures, including 142 unprofitable stores that shut their doors in late 2018. Sears, once a leader in the retail industry, has been hit hard by declining sales and mounting debt. The company has been forced to sell off assets, close stores, and restructure in order to stay afloat. And with the mattress market becoming increasingly competitive, Sears has struggled to keep up with the changing trends and consumer demands.2. "Sears to Close 80 More Stores, Including Some Kmart Locations"
Another major retailer feeling the effects of the changing mattress market is Mattress Warehouse. The company, which operates over 250 stores across the country, has announced plans to close 20 underperforming locations as part of a larger restructuring plan. This move is aimed at cutting costs and improving profitability in the face of stiff competition. The closures are expected to be completed by the end of 2019, with affected employees being offered positions at other nearby locations. In a statement, the company cited the need to "better align our store footprint with our business strategy" as the reason for the closures.3. "Mattress Warehouse Closing 20 Stores in Restructuring Plan"
In 2018, Sleepy's, a popular mattress retailer, filed for Chapter 11 bankruptcy and announced plans to close 42 stores. This decision was made in an effort to restructure the company and reduce its debt load. However, the closures were not enough to save the struggling brand, as it was ultimately acquired by Mattress Firm. While the bankruptcy filing was a result of various factors, including high debt and declining sales, the changing mattress market and increased competition were major contributing factors. This serves as a cautionary tale for other retailers in the industry, highlighting the need to adapt and innovate in order to survive.4. "Sleepy's to Close 42 Stores in Bankruptcy Filing"
In addition to the 200 stores that are set to close as part of its initial announcement, Mattress Firm has also revealed plans to close an additional 500 stores in the coming years. This brings the total number of expected closures to 700, with 200 of those stores being part of the company's recent Chapter 11 bankruptcy filing. The closures, which are expected to be completed by the end of 2020, will leave Mattress Firm with approximately 2,500 stores nationwide. The company hopes that these strategic closures will help improve profitability and allow for a more streamlined and efficient operation.5. "Mattress Firm Closing 700 Stores, Including 200 in Bankruptcy"
Department store giant JCPenney has also fallen victim to the changing retail landscape and has announced plans to close 27 underperforming stores in 2019. While the closures will affect various departments, including home goods and clothing, some stores will also see the closure of their mattress departments. In a statement, the company cited the need to "focus on our strongest stores and invest in our partners" as the reason for the closures. JCPenney has been struggling to keep up with competitors such as Amazon and Walmart, and the closures are part of a larger effort to turn the company around and improve profitability.6. "JCPenney to Close 27 Stores in 2019, Including Some Mattress Departments"
After filing for Chapter 11 bankruptcy in October 2018, Mattress Firm announced plans to close 209 stores as part of its restructuring efforts. The company stated that these closures were necessary in order to "strengthen our business and build a sustainable platform for the future." The closures are expected to be completed by the end of 2020 and will affect stores in 30 states across the country. The company has emphasized that it will continue to operate its remaining stores and fulfill customer orders during the bankruptcy process.7. "Mattress Firm Closing 209 Stores in Chapter 11 Bankruptcy"
As part of its larger plan to close 700 stores nationwide, Mattress Firm has announced the closure of 20 stores in the highly competitive New York City market. The company cited the need to "optimize our store footprint and invest in a more modern, customer-friendly shopping experience" as the reason for the closures. With the rise of online mattress companies and changing consumer preferences, traditional retailers such as Mattress Firm have struggled to maintain a foothold in the crowded market. The closures in New York City are just one example of the company's efforts to adapt and survive in this challenging environment.8. "Mattress Firm to Close 20 Stores in New York City"
As the largest city in Texas, Houston is a major market for mattress retailers. However, even in this bustling city, competition has taken its toll and led to the closure of 20 Mattress Firm stores. This move is part of the company's larger plan to close 700 stores nationwide in response to changing consumer behavior. The closures are expected to affect both Mattress Firm and Sleepy's locations, which were acquired by the company in 2016. While this may be a difficult decision for the company, it is necessary in order to remain competitive and profitable in the long run.9. "Mattress Firm Closing 20 Stores in Houston Area"
Chicago, known for its bustling downtown and diverse neighborhoods, is another major market for mattress retailers. However, the changing landscape of the industry has led to the closure of 20 Mattress Firm stores in the area. This decision is part of the company's larger plan to close 700 stores nationwide in an effort to restructure and improve profitability. The closures will affect both Mattress Firm and Sleepy's locations, with employees being offered positions at other nearby stores. While this may be a difficult time for the company, it is a necessary step in order to adapt and succeed in the competitive mattress market.10. "Mattress Firm to Close 20 Stores in Chicago Area"