Leave Off The Last "S" For Bankruptcy
Dial-a-Mattress, known for its "leave off the last 's' for 'savings'" jingles, has filed for bankruptcy and intends to sell itself to Sleepy's, says the NYT.
The company, owned by Napoleon Barragan, has had a steep drop in sales and more stringent terms from vendors, according to court documents.
Creditors filed an involuntary Chapter 7 bankruptcy petition against Dial-a-Mattress last week, seeking $1.7 million. The company is seeking to convert that to a Chapter 11 reorganization.
Sleepy's said in a statement on Tuesday that it would provide debtor-in-possession financing to help Dial-a-Mattress operate. The financing is subject to bankruptcy court approval.
"We've determined that Sleepy's offers us the best opportunity to recapitalize and move our business plan forward," Mr. Barragan said. "This combination allows us to realign our capital structure and to pursue our historic strength in phone and Internet sales."
Good night, 1-800-Mattress.
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Comments:
So, 1800Matresb?
No more live reads from Howard Stern about them?
I haven't even heard about Sleepy's until I saw the one article found here. I know I've never had or known anyone who has ever had a problem with 1-800-MATTRESS.
They're not the cheapest, but I guess in this economy it makes better business sense to toss service out the window if it means having a lower price.
What I don't understand is, around me, there are at least 4 different Sleepy's locations not even 4 miles apart from each other. They really aren't that cheap either (and how often do people buy mattresses?) and I never see any cars except one or two at any one location.
We're the Matressess professionals, absorbing your liquidated stock, trust Sleepy's, when they slap on the lock.
@lpranal: Sleepy's ads pain me. All will be right in the maudlin advertising universe when they finally get with the program and change their slogan from "for the rest of your life" to "for the rest of your NIGHTS" as it rightfully should be.
Note to self, never open/operate/own a furniture or bed showroom.
@flugangst: I always thought they meant it to pun on, "for the rest of your life," as in, "the best rest you'll ever have."
Hmm i don't mind sleepys. My matress was very cheap from them due to a sale. they did that mattress test for me. I got the right mattress and have never slept better.
I don't like ordering things like amttress from online or over the phone ebcause for something so important to your health i would rather try it and see if its right for me instead of trusting a websites judgement.
@mbz32190: Me too. I've always wondered, how many people are out there buying enough mattresses to support this many stores?
That and party stores. People must be throwing tons of parties to support all those "Discount Party Outlet" stores.
i never understood their slogan : "leave off the last S for Savings" ... so i dial 1-800-MATTRES and leave off the savings?! so i dont get a good price or a good deal from you because apparently, ive left that off.
I actually bought 2 matresses from 1800m. They provided me with remarkable service, free fast delivery, and excellent prices. You can even price match with them and negotiate for freebies like bed frames or free pillows.
I actually tested both mattresses at Levitz first before buying them at 1800m.
They'll be missed.
i've noticed a trend with all the companies who are going bankrupt or asking for bailouts... the prices of the services/goods they're offering
that should be a hint.. if everyone who has expensive stuff is going belly up... if you want to keep your business... shouldn't you LOWER YOUR PRICES to something the market can handle? (and yah if people still aren't buying your stuff.. then what you thought was a good price.. probably still isn't)
@majortom1029: I would not buy my own without testing in store, but for my kid's mattress, I ordered from the 1-800 place over the phone. He weighs 50 pounds, he doesn't need a super fancy mattress or pillowtop, or comfort zones, or testing. He's so light, it doesn't really matter. The guy was helpful, asked me a few questions such as how old the kid was so he'd be growing into it and it would stil be good for him in a few more years. They delivered it the next morning. Worked out well. I'm like the princess and the pea though when it comes to my personal one. I have to test 12 different ones for perfection first. And it has to pass the "husband test" of not shaking me awake when he moves around.
I bought 3 mattresses over the years with 1-800 Mattres and was also very happy with their prices, quality of product, delivery and customer service. I referred others to them and they had good experiences also. It's a shame. Hopefully my mattress buying days are done for a while. I've heard Sleepys are crooks. Will probably borrow a truck and buy one at Sam's Club if I ever need to.
I bought a mattress from them, and 1 800 mattress was awesome to me, in both service and price. thank you for doing me proper when you were still in business.
If they were politically connected, someone on Capitol Hill would be offering a bailout.
But it's mostly financial institutions who are well-connected.
No love for the mattress sellers.
Northeast consumers are in trouble! How do you think Sleepys pays all those rents? With Rockaway Bedding and now 1-800-Mattress gone there is no one to keep the "professionals" honest. Check it out 1-800-Mattress sells Simmons x-firm for $1399 and Sleepys asks $2199. I shopped it and got it from 1-800. Hope it lasts awhile, there is now no place credible to buy a mattress
Now it's just "Trust Sleepy's.. for the rest of your life (or until we get bought out also)"