Discussion:
OT Healthwatch: Mattress Firm/Sleepy's files Chapter 11; to close 700 locations
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That Derek
2018-10-10 17:07:51 UTC
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http://www.newson6.com/story/39247746/mattress-firm-closing-hundreds-of-stores-after-bankruptcy-filing

Mattress Firm Closing Hundreds Of Stores After Bankruptcy Filing

Monday, October 8th 2018, 6:30 AM CDT
By CBS News

CBS News\

NEW YORK - Mattress Firm filed for bankruptcy on Friday, with the bed retailer saying it plans to close hundreds of stores.

The country's largest mattress chain, which has 3,400 locations nationwide, will shutter 200 stores over the next few weeks and as many as 700 by year-end, according to its Chapter 11 filing seeking bankruptcy protection. The company plans to continue operating and paying its suppliers.

One Oklahoma store is on the list of the 200 that are closing. That store is located in Oklahoma City.

"Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity," Steve Stagner, the company's CEO, said in a statement. Declaring bankruptcy will allow the company to "strengthen our balance sheet," he added.

According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors. It owes its largest creditor, Atlanta-based mattress maker Simmons Manufacturing Co., nearly $65 million.

Mattress firms has sales of more than $3 billion, but in court documents the company said it expects to lose about $150 million in in fiscal year 2018.

Mattress Firm is the most recent in a series of bankruptcies by national retailers as consumers chose to purchase goods online.

The company's filing comes only days after Amazon said it would delve into the online "bed-in-a-box" business. Walmart also entered the fray earlier this year with its own online premium mattress brand, Allswell.

Founded in 1986, Mattress Firm bought competitor Sleepy's for $780 million in 2015. \

The Associated Press contributed to this report.
Travoltron
2018-10-10 19:26:31 UTC
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Absolute idiots.


They bought out way too many other Mattress companies and kept all those
new stores open, even if they were right across the street from each other.
Nil
2018-10-10 19:54:08 UTC
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Post by Travoltron
Absolute idiots.
http://youtu.be/gatTqg_nldc
They bought out way too many other Mattress companies and kept all
those new stores open, even if they were right across the street
from each other.
There an area near where I live where there are at least 6 mattress or
furniture stores that sell mattresses withing a half mile of each
other, and three of them are right next to each other. I have never
seen more than two or three cars in the parking lot of any of them.
Terry del Fuego
2018-10-11 12:30:39 UTC
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On Wed, 10 Oct 2018 15:54:08 -0400, Nil
Post by Nil
There an area near where I live where there are at least 6 mattress or
furniture stores that sell mattresses withing a half mile of each
other, and three of them are right next to each other. I have never
seen more than two or three cars in the parking lot of any of them.
One of my favorite rumors is that this happens because mattress stores
are actually money launderers. On the one hand, filing for bankruptcy
would seem to be a good counter-argument. On the other hand, D*n*ld
Tr*mp.
Travoltron
2018-10-11 16:16:41 UTC
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Post by Terry del Fuego
One of my favorite rumors is that this happens because mattress stores
are actually money launderers.
Yep, that was covered in the video
http://youtu.be/gatTqg_nldc
Terry del Fuego
2018-10-11 18:37:10 UTC
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On Thu, 11 Oct 2018 09:16:41 -0700, Travoltron
Post by Travoltron
Yep, that was covered in the video
http://youtu.be/gatTqg_nldc
Oops, I apologize for not watching it first. It certainly makes a
perfectly reasonable-sounding case.
Kenny McCormack
2018-10-11 21:03:55 UTC
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Post by Terry del Fuego
On Thu, 11 Oct 2018 09:16:41 -0700, Travoltron
Post by Travoltron
Yep, that was covered in the video
http://youtu.be/gatTqg_nldc
Oops, I apologize for not watching it first. It certainly makes a
perfectly reasonable-sounding case.
I watched the video and found it quite interesting. However, he does, no
doubt upon advice of counsel, back away from the claim that MF is involved in
ML'ing. He presents it as a possibility, then falls all over himself
stating that he doesn't believe it is true.

Again, no doubt, on advice of counsel.

Now, here's the thing. I have many times in my life had the experience of
going into a store and there's nobody there - there's a guy sitting behind
the counter who looks like he hasn't seen another human being in years -
and there's nothing on the shelves that anyone would ever want to buy. You
wonder how they manage to keeps the lights on, and pretty much inevitably
reach the conclusion that the store is just a cover for something else.
And the mind wanders as to what that something else could be...
--
The scent of awk programmers is a lot more attractive to women than
the scent of perl programmers.

(Mike Brennan, quoted in the "GAWK" manual)
Terry del Fuego
2018-10-12 00:32:07 UTC
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Post by Kenny McCormack
Now, here's the thing. I have many times in my life had the experience of
going into a store and there's nobody there - there's a guy sitting behind
the counter who looks like he hasn't seen another human being in years -
and there's nothing on the shelves that anyone would ever want to buy. You
wonder how they manage to keeps the lights on, and pretty much inevitably
reach the conclusion that the store is just a cover for something else.
And the mind wanders as to what that something else could be...
I'm old enough to remember when waterbeds were this new trendy thing
Those Damned Kids were into. Always wanted one. Finally got a king
size as a 21st birthday present to myself. To this day, it's the only
genuinely nice piece of furniture I own.

Back when I bought it in 1980, there were waterbed stores all over
town, the best known of which was run by a guy who became a local
celebrity due to his primary sponsorship of a local station's
all-night movies. (A YouTube search for "Tom LaBrie" brings up a ton
of stuff.)

In 2018, that store, now under new ownership (Tom became a good human
a few years ago), is literally the only waterbed store in town. Every
time I go in there, it's pretty much deserted. But the one time I
tried my "Be nice to small businesses and don't make them pay credit
card fees" routine there, the guy was bummed that now he had to go to
the bank to deal with the check. Subsequent conversation revealed that
he runs so many thousands of dollars through the system every month
that his fees are actually very low.

This is my typically long-winded and making-it-about-me way of saying
that while I don't know for sure if mattress stores launder money or
not, the bit in the video about low volume + HUGE markups kinda rings
true. I know the waterbed guy can't be selling that many pieces, but
he's got a monopoly and his stock isn't cheap.

There's also the bit about the auditors, though having worked for
********, the company that stole the financial scandal thunder out
from under *****, I know that's not always meaningful.
David Carson
2018-10-12 02:58:11 UTC
Permalink
On Thu, 11 Oct 2018 17:32:07 -0700, Terry del Fuego
Post by Terry del Fuego
Back when I bought it in 1980, there were waterbed stores all over
town, the best known of which was run by a guy who became a local
celebrity due to his primary sponsorship of a local station's
all-night movies. (A YouTube search for "Tom LaBrie" brings up a ton
of stuff.)
In 2018, that store, now under new ownership (Tom became a good human
a few years ago), is literally the only waterbed store in town. Every
time I go in there, [snip]
Does owning a waterbed involve regular visits to the store, or is it like
a regular bed, where the mattress lasts a long time, but not forever?
Kenny McCormack
2018-10-12 06:43:31 UTC
Permalink
Post by David Carson
On Thu, 11 Oct 2018 17:32:07 -0700, Terry del Fuego
Post by Terry del Fuego
Back when I bought it in 1980, there were waterbed stores all over
town, the best known of which was run by a guy who became a local
celebrity due to his primary sponsorship of a local station's
all-night movies. (A YouTube search for "Tom LaBrie" brings up a ton
of stuff.)
In 2018, that store, now under new ownership (Tom became a good human
a few years ago), is literally the only waterbed store in town. Every
time I go in there, [snip]
Does owning a waterbed involve regular visits to the store, or is it like
a regular bed, where the mattress lasts a long time, but not forever?
It's a little more maintenance than an ordinary bed/mattress, but not a
whole lot. But you do every so often have to buy supplies for it.
--
b w r w g y b r y b
Terry del Fuego
2018-10-12 13:17:13 UTC
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Post by Kenny McCormack
It's a little more maintenance than an ordinary bed/mattress, but not a
whole lot. But you do every so often have to buy supplies for it.
Trivia: <https://en.wikipedia.org/wiki/Waterbed#Heinlein_descriptions>
Terry del Fuego
2018-10-12 13:09:49 UTC
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Post by David Carson
Does owning a waterbed involve regular visits to the store, or is it like
a regular bed, where the mattress lasts a long time, but not forever?
You have to pour "conditioner" into the water every 18 months or so.
I'm not sure what that really does other than prevent algae growth.
The mattresses generally last for years, but not forever. I've had
them start leaking at the seams and I've had clever cats manage to
create tiny leaks. Sometimes those are patchable, sometimes not.
Fortunately, they've always been a nuisance, not a catastrophe. The
heaters also don't last forever, though they do OK. I think I'm on
Number Three since 1980, but it's entirely possible I'm forgetting one
or more.

It's also easiest to use specific waterbed sheets, which traditionally
involve having the top sheet sewn to the fitted bottom, though I also
have a set that has separate top/bottom sheets where the top one is
also fitted. I assume that exists in the traditional mattress world as
well (if not, it should!) but I don't remember ever encountering any.
As old-school "free-flow" water mattresses (i.e., giant plastic bags)
fell out of general favor decades ago, you can no longer find the
appropriate sheets in mainstream linen stores, though it used to be
possible.

I gloat about the relative mattress prices, but of course they have to
be heated year-round, so I don't know how far ahead I *really* am. The
only thing I can say with certainty is that I no longer wake up with
excruciating back pain. And that sliding into a waterbed on a cold
winter night is definitely one of life's better pleasures. Of course,
the downside comes the next morning when it's even colder and you have
to get *out* of it.

Overall it's slightly more work than a normal mattress, but nothing
too crazy.
d***@gmail.com
2018-10-11 18:55:09 UTC
Permalink
Piss. Me. Off.

https://www.realtor.com/realestateandhomes-detail/4504-Braeburn-Dr_Bellaire_TX_77401_M76573-48791#photo14

Here is Steve Stagner’s $2 million home (16 photos). Just google the principals and head over to White Pages Houston TX then to Realtor.

GEE. I wonder where this schlepp got his money. Same for Spencer McCullough. Creditors get zilch while they live like Kings on others money.
d***@gmail.com
2018-10-11 18:57:57 UTC
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Louis Epstein
2018-10-13 05:24:59 UTC
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Post by That Derek
http://www.newson6.com/story/39247746/mattress-firm-closing-hundreds-of-stores-after-bankruptcy-filing
Mattress Firm Closing Hundreds Of Stores After Bankruptcy Filing
Monday, October 8th 2018, 6:30 AM CDT
Founded in 1986, Mattress Firm bought competitor Sleepy's for $780 million in 2015. \
And Sleepy's had bought Kleinsleep,but they're no longer having
fun in bed...marketing because the mattress firm is going soft.

-=-=-
The World Trade Center towers MUST rise again,
at least as tall as before...or terror has triumphed.

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