Houston-based retailer Mattress Firm plans to close about 200 stores.
The company has more than a half dozen Montco locations.
The locations to be shuttered aren’t yet known, but note the company has at least nine locations within Philadelphia plus around another 10 in southeastern Pennsylvania suburbs and South Jersey, writes Jen Para for Philadelphia Business Journal.
The planned closings answer a question that many observers have long had about whether the industry was saturating the retail landscape. As Triad Business Journal reported in this cover story, the proliferation of stores from Mattress Firm and numerous other competitors raised real questions about whether demand could support so many. Beyond the retail real estate implications, the health of the industry also impacts manufacturing and distribution in the Triad, where mattress makers like Serta and Tempur Sealy and suppliers, such as Culp, have facilities.
As for Mattress Firm’s plans to slim down, Mattress Firm Chairman Steve Stagner said a Dec. 19 lenders’ meeting for Steinhoff International Holdings N.V. — its parent company — that the brand will close 200 stores within the next 18 months to help reach $4 billion in revenue over the next five years. The meeting’s audio and Powerpoint presentation were available on Steinhoff’s website.
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