Thursday, April 20, 2017

Brace Yourself! Atlanta to Lose Buckhead Mattress Firm

A sign advertises the soon to be vacant Mattress Firm store at Buckhead Walk 
Mattress retailer to shutter Buckhead store. 

Mattress Firm, the Houston, Texas-based mattress retailer, plans to shutter one of its Buckhead area stores later this month.  The Mattress Firm at 2955 Peachtree Road in the Buckhead Walk shopping center is expected to close this Sunday, April 23.  

ToNeTo Atlanta readers may recall that Raja, a once popular Indian eatery, also in Buckhead Walk, closed earlier this month after 37 years in business. 

Both the former Raja space and current Mattress Firm space are actively available for lease.  

The Mattress Firm store, which is approximately 4,400 square feet, was previously branded as "Mattress Xpress," but was one of five stores in Georgia, and 30 overall, to be re-branded in late 2012, following the company's acquisition by Mattress Firm.  

I contacted Mattress Firm's corporate office to ask whether additional stores would be closed locally, and was provided the following statement.  

“We will not be announcing specific store closings, but will be evaluating each store on a case-by-case basis,” said Casey Zuber, VP of Communications.   

Despite this, Mattress Firm has been closing converted Mattress Xpress stores, including one in the 6000 block of Roswell Road, in Sandy Springs.  

If you are currently in the market for a mattress and fear you will no longer have a nearby option, fret not.  Mattress Firm operates over 99 locations on Peachtree in the Atlanta area, and 120 in Georgia, including three less than two feet miles from the closing store:  

3158 Peachtree Road, .5 miles away in Peachtree Plaza
3275 Peachtree Road, .7 miles away in Buckhead Square
2625 Peachtree Road, 1.8 miles away in Buckhead Crossing shopping center

As a company, Mattress Firm operates over 3,600 stores in every state but Wyoming. Atlanta's 99 stores make it one of the retailer's top ten markets nationwide.  I was unable to get a clear answer as to why Mattress Firm has has no representation in Wyoming.  

Mattress Firm was founded in 1986 by college friends Steve Fendrich, Harry Roberts and Paul Stork. 

Steve Fendrich later became a consultant, then CEO of Sleep Country USA, which was later sold to Simmons Bedding. In 2008, Simmons promoted him to president and COO. In 2010, Fendrich rejoined Mattress Firm and was named Chief Strategy Officer, and became Vice President, Mergers and Acquisitions in 2014.  According to Zuber, Fendrich "is no longer involved with the company."  Today, Fendrich resides in Buckhead with his wife Lisa.  

Fortune magazine ran a rather informative story on Fendrich and his friends' rags to riches story on the creation of Mattress Firm in 2015.  To get a sense for just how big Mattress Firm is, read this

South African firm Steinhoff International acquired Mattress Firm last fall in a deal valued at nearly $4 billion.  Steinhoff paid $64 a share, roughly a 115% premium over the prior day's closing price. 

What would you like to see replace Mattress Firm or Raja at Buckhead Walk? Are you surprised to see Mattress Firm closing stores? Where did you buy your last mattress? 

Please share your thoughts below.  

7 comments:

Anonymous said...

the idiots over at curbed atlanta will go nuts over this news

Anonymous said...

I have a tip about a big closure coming to a popular venue in Atlanta...how do I let you know?

Anonymous said...

Your intense distain for mattress stores never ceases to amaze me. When developers want to build the Trader Joe's next to you that you so desperately desire, other parcels in the center must be leased too. Mattress stores pay the rent and since as far as I know almost everybody sleeps on a mattress so it makes this a business that is very solid giving developers a reliable tenant. Unlike yogurt stores that come and go, the restaurants that come and go or the yoga stores that come and go. What's the problem? If this is a sustainable business model then so be it. Lighten up dude it's just a mattress! Maybe if you get a better nights sleep you wouldn't be so grumpy about it!

Atlantan99 said...

@Anon RE: tip,

Please email me at tonetoatlanta (at) gmail dot com

Thanks!

Anonymous said...

Look no one once to look at a mattress store every 3-5 miles. You like them so much buy us all one Anonymous #3. Good bye mattress firm see you again in another 5 miles!

Anonymous said...

Anonymous April 20, 2017 at 7:12 PM

Sorry you lost your job? Lighten up dude!

Anonymous said...

"If this is a sustainable business model then so be it."

First of all, thank you ToNeToATL for the tongue in cheek approach to one of the zillion mattress stores that finally has been put to sleep. IMHO this business model is finally about to correct itself or bust like many retailers are facing.