Chicago-area mattress chains being sold
By Mike Nolan email@example.com August 29, 2014 6:38PM
Updated: October 3, 2014 6:13AM
Mattress Firm, a Texas-based retailer is paying about $60 million to acquire the Back to Bed and Bedding Experts stores in the Chicago area.
The deal includes more than 100 stores in the metro area, as well as locations in Indiana, Wisconsin and Florida, the company said in a news release. The purchase is expected to close before October.
Houston-based Mattress Firm operates 1,480 stores and expects sales for the current fiscal year to exceed $1.5 billion. The company has 13 stores in Illinois, but none in the Chicago market, and the purchase “will allow us to immediately gain scale in that market,” Steve Stagner, Mattress Firm’s president and chief executive officer, said in the release.
Both Back to Bed and Bedding Experts are headquartered in Itasca and represent the latest in a string of acquisitions for Mattress Firm, which in recent months has bought regional bedding retailers in metro markets in states including Arizona, Colorado and Texas.
A spokeswoman for Mattress Firm said it expects that employees of the acquired stores would continue to work at the stores once the purchase is completed. No decision has yet been made whether to rebrand the acquired stores as Mattress Firm outlets, she said.