Who owns mattress giant

The company expects to fund the purchase price from cash reserves. In a separate transaction, the company acquired 55 stores from Mattress Giant in the Atlanta, St. Louis and Minneapolis markets in November , and has substantially completed the integration of those stores. They've been there since , when the company's founder, Bruno Steinhoff, moved there from West Germany.

Until everything went haywire, Steinhoff was one of the biggest companies on the Johannesburg Stock Exchange. They employed 50, people in South Africa. Their top executives spent lavishly in public, with yachts and expensive cars and wines.

Nobody in South Africa seemed to care, until Dec. Turns out, Steinhoff may have been brushing some financial irregularities under the bed for years. South African police are now looking at alleged fraud. And when Jooste resigned, it triggered the biggest collapse in South Africa's corporate history. While authorities investigate the company, Steinhoff itself has hired auditors to look into the apparent fraud at the company and track down who did it.

Weirdly, back in August , Steinhoff made what looks like an incredibly stupid move. And right after Steinhoff made that purchase, Jooste had a big falling out with one of the major suppliers of Mattress Firm, Tempur Sealy, which hurt both companies' sales.

Tempur Sealy is even suing Mattress Firm now for selling a mattress it says sounds and looks a lot like the Tempur-Pedic.

So, again, we've arrived at another mark against a money laundering conspiracy. This whole thing is weird, but a conspiracy?

Probably not. But it was fun while it lasted, right? Meghan B. Skip to main content. Close close Donate. Close Close. This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies. We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

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