Mattress Stores Going Out Of Business
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Mattress Stores Going Out Of Business
The bottom corner icon is the following corner icon. You can no longer shop in room stores. VHS enthusiast/YouTube
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Pull out a chair, ottoman or loveseat – it’s time to take a trip down memory lane with vintage furniture dealers.
Being an armchair reviewer is easy, but running a furniture business is no easy task. Dealing with changing tastes is hard enough, but you also have to contend with intense competition and economic downturns that reduce consumer spending.
So it’s no surprise that the annals of retail history are littered with the names of furniture stores that no longer exist. Some outlets like Linens N Things and Bombay Company are still online. But others were unfortunately sent to waste.
Richard Levitz opened the first Levitz Furniture store in Pennsylvania in 1910. The company expanded throughout the United States but did not last 100 years. In 2008, the retailer went bankrupt for good, weighed down by what The Washington Post describes as “competition and heavy debt.”
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Heilig-Meyers, first founded in the United States in 1913 by two Lithuanian immigrants, was once a dominant figure in the furniture business. Despite growing for most of the 20th century, Heilig-Meyers filed for Chapter 11 bankruptcy in 2000.
Richard Levitz’s grandson, Gary, broke into the furniture business on his own in 1992, opening The Room Store in Texas. The company avoided liquidation in 2000 when its parent company, Heilig-Meyers, filed for bankruptcy. But the company ended up filing for Chapter 11 in 2011, and the remaining stores closed the following year.
Founded in Minnesota in 1971, Wicks Furniture has expanded from the Midwest to the West Coast over the years. The company filed for Chapter 11 bankruptcy in 2008 and closed later that year.
Railroad worker Amos Rhodes opened his furniture store in Atlanta in 1879. This created the Rhodes chain of furniture stores, which expanded throughout the next century. Heilig-Meyers closed the company in 1996, only to sell it three years later. Rhodes closed for good in 2005.
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Julius Seaman opened his eponymous store in Brooklyn in 1933. The company dominated the Northeast furniture industry for years, but finally filed for Chapter 11 bankruptcy in 1992. The Seaman brand faded after the 2000 merger with Levitts. Why are there so many mattress stores? : Guide from Planet Money There are many mattress stores in America that always seem to be empty. So how can I get real estate? How do they stay in business?
Vanek Smith: So we’re in New York, Midtown New York. A very cold evening. And we are standing in front of the store.
Bobkoff: We’re standing in front of a mattress store. It is the most expensive real estate in New York. This is prime real estate in Manhattan.
VANEK SMITH: And we’ve been sitting here for a while, and nobody’s come in or come out of this mattress store. It won’t happen.
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Bobkoff: I’m Dan Bobkoff. I’m from the “Household Name” podcast. We tell incredible stories about how brands impact our lives. And today we are talking about Mattress Firm, a brand that has become ubiquitous in recent times. There are many of them. This really started the popular conspiracy theories, and many people wonder, if there is no one in this shop, how do they make money?
Vanek Smith: I mean, there seem to be valid reasons for having a lot of mattress company stores, and mattress company companies are sometimes across the street from each other. But some reasons may not be so valid.
Vanek Smith: I think he brings it up to the person who works there. I don’t think she really buys mattresses. Maybe he’s shopping – no, he’s asking for directions. No, she asks if she can use…
Bobkoff: Well Stacey, like all great conspiracy theories it seems these conspiracy theories started on Reddit. So we went to the Reddit experts.
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Amari Sivertson: Hey, I’m Amari Sivertson. And I’m the co-host of the “Endless Threads” podcast. And we only feature amazing stories on Reddit.
SIVERTSON: So there was a post in the AskReddit community asking which conspiracy theory you accept 100 percent and why.
SIVERTSON: Well, because it was a response to a post by someone with the username Crazy Potatoes.
SIVERTSON: …Mattress Farm is a huge money laundering scheme. They are everywhere and always empty. There is no way mattresses are in such demand.
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Sivertson: I don’t know if I can go full conspiracy theory, but there’s definitely more to see with the mattress company. There is reason to suspect their activities.
Bockoff: Right. First, it is true that there are many mattress firm stores in the United States. Five years ago, the chain had 700 stores. Earlier this year, there were 3,300 of them. That’s about a third of the 10,000 mattress stores in this country.
Vanek Smith: To put it in perspective, there are almost as many mattress stores as Starbucks. There are 14,000 Starbucks, 10,000 mattress stores. And, you know, I think people buy a lot more coffee than mattresses.
Bokoff: Right. I mean, how often do you buy coffee and how often do you buy a mattress?
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Vanek Smith: I honestly don’t even know how old my mattress is. Today I already drank three coffees (laughs).
Bobkoff: That’s great. Michael Magnuson runs a website called goodbed.com. This is a mattress buyer’s guide. And she says mattresses are different from other purchases. He says they were scandalized.
Michael Magnuson: It means you can actually buy your mattress. You should pay attention to it. But if you make it right, it won’t be like that. My social status seems to be rising. Like, I – you know, all this, like – buying the perfect mattress doesn’t get you such a great Instagram moment (laughs). (Laughs) People know it can’t be blown up. They know that they have to spend a lot of money for it, but they don’t want to. It’s not fun.
Bockoff: This is why many people hate shopping for mattresses. Of course, the stores are often empty, which makes sense if you think about it, because most of us buy a mattress every ten years or so, but the art…
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Bobkoff: Right. But when you walk in, it explains why there are a bunch of vendors sitting around.
Vanek Smith: The question seems to be, how do you make money selling mattresses among these thousands of stores?
Bockoff: Well, first of all, it depends on the price at which you sell them. Fees for regular mattresses are often around 100 percent. So…
Vanek Smith: So mattress stores are just like any other retail establishment, even McDonald’s. They pay a fixed amount for something. They mark it up and sell it. For a mattress store, that means making something like a million or maybe a million and a half dollars a year.
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Bobkoff: So whether it’s a McDonald’s or a mattress store, Magnuson said they still have to pay that rent.
Magnuson: The thing is, they’re selling $5 burgers, not $1 burgers. They sell mattresses from $1000 to $2000. And that’s how 100 mattresses a month earns a million, a million and a half dollars, somehow the math works like that (laughs). So – and many of them head to the weekend. So, on a typical week, they might be open 12 hours a day. Besides, I could only sell a few mattresses on that working day.
Magnuson: Enough. enough. The economy is not really good for trading in that situation, but it is enough.
Bobkoff: Apparently not for the mattress company, because despite the conspiracy theories, the company filed for bankruptcy in October.
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Bobkoff: Well, they came out of bankruptcy. But they’ve actually closed over 600 stores in the last few weeks, so that’s less now than when we started reporting this.
VANEK SMITH: And, you know, Dan, I can’t say I’m surprised to hear that, because of the sheer number of Mattress Firm stores out there.
Bobkoff: Yes. The Firma mattress problems really started in 2014. Then the company decided they wanted to make an original
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