Has anyone else noticed that there are a large number of Mattress Firm stores concentrated in small areas, and yet no one goes in them? Anytime you need to buy a mattress, which is roughly every 8-10 years, you usually go to a furniture showroom, not a dedicated mattress store. So how could a company with over 3,500 stores across the U.S. hold itself afloat when there was little to no revenue to make from it?
After a Reddit thread went viral, accusing Mattress Firm on being a front for a money-laundering scandal, the internet went into a frenzy. Mattress Firm is the largest specialty retailer in the U.S., yet it always seems deserted? Additionally, in 2016, revenues for the company were stated way below the market’s anticipation, meaning that the company was not raking in as much business as analysts predicted.
There have been two direct responses to the accusations of the money laundering scandal. First, Kerry Myers, a Forensic Accounting and Law professor, stated that the allegations were that of any other conspiracy: there was no basis for an argument. “Simply because there’s a large number of stores in a certain area, therefore there must be some crime involved, just doesn’t make sense.”
The CEO of the brand corroborated Myer’s statement, saying the placement of the stores has no connection to money laundering, and all of the accusations are false.
Still, I’ll be waiting until I see someone actually buy a mattress from there before I doubt this unique theory.
