The combined companies will have about 3,000 retail stores, 71 manufacturing facilities and four research and development facilities worldwide.
| AP Business Writer
“This combination will accelerate our growth trajectory and enhance operating cash flow,” Tempur Sealy Chairman and CEO Scott Thompson said in a statement. “Mattress Firm has been a valued retail partner for more than 35 years, and we look forward to welcoming their talented workforce of more than 8,100 employees to the Tempur Sealy family.”
After the transaction is complete, Mattress Firm shareholders will own about 16.6% of the combined company and Tempur Sealy shareholders will own the rest. In October 2018, Mattress Firm filed for Chapter 11 bankruptcy protection and closed hundreds of stores. At the time, the Houston-based company pointed to years of overexpansion that resulted in “cannibalization” of sales. Mattress Firm’s then-CEO Steve Stagner later resigned in April 2019.
Tempur Sealy added that the company received a request frm the Federal Trade Commission for additional information and documents related to the transaction. The company plans to “work cooperatively” with the FTC to complete the acquistion.
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