Steinhoff completes cash offer for Mattress Firm stock Steinhoff International Holdings has completed its tender offer for all of Mattress Firm's outstanding common stock, bringing the South African conglomerate a step closer to acquiring the Houston-based bedding retailer. Early last month, Steinhoff offered to buy Mattress Firm for $64 per share in cash, a substantial premium on its stock value before the announcement. Steinhoff will complete the proposed merger upon payment, according to a news release. RELATED: Mattress Firm sales softer as closing of deal approaches With the $2.4 billion deal, Steinhoff would immediately gain a significant share of the U.S. mattress market. Mattress Firm has acquired a number of its competitors in recent years and now operates 3,482 stores. Last week, Mattress Firm reported a $2.2 million second-quarter loss as same-store sales slipped by 1.1 percent over the same period a year earlier. But sales during the quarter rose to $980 million, up 48 percent from $661 million during the same period last year, partly as a result of the acquisitions.
"We remain excited about the future opportunities for our business as we build a national chain in the U.S," Steve Stagner, Mattress Firm's executive chairman and board chairman, said in a statement at the time. "We are also moving towards the completion of our transaction with Steinhoff, and believe Steinhoff is the ideal long-term partner for our customers, employees, suppliers and other stakeholders." JACKSONVILLE, FLORIDA -- The customer service representative fraudulently lied to my fiancé and I about price matching a 60 month financing deal for $599 or more on a mattress. We repeatedly asked before she ran our credit that we would be able to pay 60 months with no interest for a 879 price tag (like 6 times prior to our credit taking a hit). It was not until after she ran our credit for a hard inquiry that she told us she would not be able to match the 60 month financing (not because of our credit considering we got approved for $6600). The deal she said she could match was a Black Friday deal that ended on that day.
So not only were we lied to about monthly payments and financing but our credit was hit for something we did not agree to, and we missed the sale at Rooms to Go! Save your time and spend your money at a more honest establishment that backs up their customer! EAST BRUNSWICK, NEW JERSEY -- I am very unhappy with Mattress FIRM. I purchased a king sized mattress only four months ago. With over 4 inches of holes on both sides of the mattress, I spent $40 so that someone come and check it out. EVEN THOUGH, I was told I would never have to pay for that. PARMA, OHIO -- Purchased mattress and was not delivered at the date and time it was supposed to be. Very unprofessional sales clerk. Was left without a mattress to sleep on for a night. And we have health problems. MERIDIAN, IDAHO -- Purchased a higher end mattress which began to sag. It was still under warranty and filed for a warranty claim. It took over 8 weeks to process and they denied my warranty stating the mattress bed frame was inadequate!
We have a $2800 log bed frame, and it is more than adequate! Just a bs reason so they don't have to replace the defective mattress! I will never do business with this company again, and I suggest you all avoid them! PROVO, UTAH -- I purchased $3,110.73 in mattresses and bedding from the Mattress Firm in Provo, Utah on 9/6/2015. Matt, the salesperson was absolutely fantastic! He arranged delivery to my home of all items on Saturday, 9-12-15 at approximately 9 am. Saturday came and at 11:30 am, I had not received my purchase. I called Matt and asked where my delivery was. Matt made some calls and discovered that not only had the warehouse not fulfilled my order, they did not have the complete order available. I was disappointed, but agreed to accept two of the three mattresses on Monday, 9-14-15 at approximately 12pm. I was assured that the delivery would be made. On Monday, 9-14-15, I received a call from Matt explaining that the delivery wouldn't becoming because the warehouse was unable to fulfill it.
Matt, apologized and tried to arrange another time. Having had enough time wasted sitting around waiting for things I had paid for and my children sleeping on the floor waiting for beds that never came, I cancelled the order and asked for an immediate refund. Matt said that it would take 5 days to get the refund of the cash I paid for the bedding. I told Matt that was not acceptable as I needed the money to purchase beds from somewhere else and I didn't want my kids sleeping on the floor that long. Matt, who has been amazing through this whole situation said he would call his Area Manager. A few minutes after speaking to Matt on 9-14-2015, his Area Manager called and basically told me there was nothing he could do. He explained that the refund had to be approved to confirm the condition of the merchandise that was returned. I told him that I never received the merchandise. He didn't know what to say. I did drop the F-bomb once, and all he could do was get upset at me for being angry and saying a naughty word.
What a complete failure in following through on a purchase. It cost me time from work, a missed soccer game and two wonderful kids without beds to sleep on. KENNESAW, GEORGIA -- My husband and I were looking for an adjustable bed. The manager of the store was very knowledgeable and patient as we tried out several beds. There was a couple day delay, but the employees were very sympathetic and made restitution for the inconvenience. I have bought several mattress from Mattress Firm and will continue. I highly recommend them. GREENSBORO, NORTH CAROLINA -- Last weekend, my husband & I went to your store to purchase a new mattress. We were treated very well by your salesperson, Adam, & found the exact bed we wanted. Adam scheduled us an appointment to have the bed delivered. We were very excited about the delivery. When the delivery guy arrived, he looked like he didn't want to be at our house. He spoke very slowly & got mad at my husband because he needed to remove a bed from our house.
Per Adam, the delivery guys usually remove the old bed from the customer's house anyway. My husband felt offended that the man was giving him an attitude. It wasn't what he said, but how he said it. His words were rather abrasive. I don't know what his problem was, but I wish he would leave his issues at home & treat the customer with respect. I wish I had gotten his name, but he ran out of our house so fast (after installing our bed) that I think there are still some footprint tracks on our carpet from his rapid departure. (Of course I exaggerate, but you get my point.) I certainly hope this is not the kind of person you have delivering for all of your customers. I cannot compare this man's delivery with another delivery person from your store, but I hope the bed lasts a long time after dealing with his bad attitude! We deserve at least that! I hope to do business with your company in the future, but I surely hope your delivery people are trained on customer sensitivity in the future.
Thank you for your time. ORLANDO, FLORIDA -- Have 2 issues with Mattress Firm on a mattress I purchased Jan 8, 2013, and had delivered Jan 21, 2013. First issue: I purchased a mattress from their outlet center on E. Colonial Dr in Orlando. After much haggling and expressing that I wanted a mattress with a warranty or I was going to IKEA, I was told they could sell me a new Sealy memory foam mattress, with a 20-year warranty. Mattress was delivered, no warranty attached as I had been told it would be. I called, was told they would "type one up for me" and mail it, never received it. Contacted them through the website, and I got an email with a warranty card attached. Issue resolved, or so I thought. Problem number 2 pops up on March 24. I'm vacuuming under the bed, and I dislodge a yellow piece of paper stating that this mattress had been sanitized on Jan 3, which means that I was sold used items and promised new. I immediately contacted them via the website, and also filed my second complaints with the BBB and state attorney general's office.