This article is owned by Furniture Today and authored by Mr. David Perry

The long-term future of Mattress Firm is “still uncertain,” but the sale of the company is “a strong possibility,” according to an analyst who follows a number of home furnishings companies.

In his notes from the Las Vegas Market, Keith Hughes of SunTrust Robinson Humphrey discussed a number of key issues facing the industry, among them the future of Mattress Firm.

He noted that Mattress Firm announced earlier that it had arranged a new financing line of up to $225 million to fund strategic moves and said that just before the Las Vegas Market the company announced that CEO Ken Murphy was leaving and that former CEO Steve Stagner was resuming that role.

“Regardless,” Hughes wrote, “the financial turmoil that has engulfed parent Steinhoff since early December continues with no resolution in sight. The potential that Mattress Firm could be sold off as the parent looks to raise cash is still a strong possibility, in our view.

“Given its size and scale, we believe that private equity would be very interested in a transaction. Whatever the outcome, it could still be some time before Mattress Firm’s ultimate fate is decided.”

Steinhoff announced late last year that it was investigating accounting irregularities in its business. That investigation continues.

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