Mattress Firm to buy St. Louis units
By Furniture Today Staff -- Furniture Today, June 11, 2007
Houston — Bedding retailer Mattress Firm has signed a letter of intent to acquire its nine franchise stores in St. Louis from the owner, Yotes Inc.
Terms of the deal, which is in the due diligence phase, weren't disclosed.
The acquisition will bring Mattress Firm's corporate-owned store count to 339 in 26 markets, and will leave it with 45 franchise stores in nine markets. Yotes, a Mattress Firm partner for 13 years, also has Mattress Firm franchise stores in the Denver and Wichita, Kan., markets and will maintain ownership of those.
"St. Louis represents an attractive market for us to enter from a corporate perspective, and we're pleased to have arrived at agreeable terms with our partner there," said Mattress Firm CEO Gary Fazio. "We look forward to building on the brand equity that has been established in St. Louis and continuing to serve consumers there with the same high level of customer service and broad product selection we're known for."
Mattress Firm ranked 21st on Furniture/Today's latest listing of Top 100 U.S. Furniture Stores, with estimated 2006 sales of $441 million, up 23.9% from 2005.
