Mattress Firm, the nation’s largest bedding specialty retailer, is taking a regional approach to its business and has made a number of other changes, parent Steinhoff International says.
In its report on Mattress Firm’s performance in the quarter ending Dec. 31, Steinhoff said the company has undertaken a review of its management and its operations.
Mattress Firm’s operational structure “has been restructured into five separate geographical areas, allowing divisional leadership to implement regional strategies to better respond to their respective markets,” Steinhoff said.
It added: “There have also been a number of changes at senior and middle management levels to reposition the business.”
Since the acquisition of Mattress Firm in September 2016, the group decided to accelerate its long-term strategy in the U.S. bedding market, Steinhoff said.
It said that Mattress Firm has completed the rebranding of all stores under the Mattress Firm banner. Since the acquisition, 1,369 stores — approximately 40% of the total store estate — have been rebranded to capitalize on the benefits of a national chain, including national advertising and purchasing scale, Steinhoff said.
It noted that Mattress Firm exited its supply agreement with its previous largest supplier and entered into a five-year strategic partnership agreement with Serta Simmons Bedding, “the largest mattress manufacturer in the U.S.”
And it said it had acquired an 80% interest in Sherwood Bedding, a U.S. mattress manufacturer, “to help implement the vertical integration model.”