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Mattress Firm, the largest seller of mattresses in the United States and most corporate punished, filed for bankruptcy protection yesterday (October 5). It was reported in August that he was exploring bankruptcy proceedings and closing down his losing stores.
Mattress Firm, established in Houston, was founded in 1986 and has a turnover of more than $ 3 billion. But the company planned to lose $ 150 million in fiscal 2018, according to court documents reported by the AP. Mattress Firm has more than $ 1 billion in liabilities and owes nearly $ 65 million to its main creditor, Simmons Manufacturing Co.
Mattress Firm said in court that its expansion was rapid and the "cannibalization" of store sales too much. "[M]all Mattress Firm stores are in direct competition with other Mattress Firm stores, resulting in disappointing sales, "said the company. It plans to close 700 of its more than 3,200 stores to revive its business.
But society also did not understand how much Americans hated buying mattresses. The mattress stores are known as sordid sellers who push customers to pay more, with opaque prices and a confusing brand image. A common tip is to inflate the "standard" selling price of an item and then offer a significant "discount" that leaves the price of the mattress well above its actual cost. Another tip is for manufacturers to sell the same mattress under different names in different stores, making it difficult to compare prices for buyers.
Mattress Firm has grown rapidly in part by buying $ 780 million at the end of 2015, or $ 780 million, the rival mattress seller and fellow punk, adding 1,050 stores to his wallet. But physical retail has doubled as much of the mattress sales have been transferred online and many branches have collapsed in malls and malls in the suburbs.
The company was caught off guard by start-ups who realized how terrible the shopping on the mattress could be and who praised a better experience. Casper, founded in 2014, has raised $ 240 million to sell mattresses directly to consumers. He promised easy online ordering, trouble-free delivery and returns of relatively affordable mattresses.
There are now a host of online mattress sellers, such as Leesa, Tuft & Needle and Sapira. Amazon has also entered the market by offering its own "bed in a box" mattresses.
Like traditional vendors, some of the newcomers pose problems to buyers. The fast-talking salesman has been replaced by fraudulent online reviews and search engine optimized ads that direct unsuspecting buyers to substandard products.
One thing is for sure: none of the online options can compete with Mattress Firm when it comes to being punny.
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