- On Tuesday, a Reddit comment that suggested Mattress Firm was laundering money went viral before being removed.
- Reddit users said that the company is overstored in the US and suggested that this was a sign of something more dubious going on.
- Mattress Firm has responded to Business Insider about the allegations, saying they are “absolutely false.”
Mattress Firm is fighting back against online conspiracy theories that claim it’s a money-laundering operation.
The retailer received some unexpected attention this week after a wild conspiracy theory about why there are so many store locations went viral on Reddit.
“The idea that the proximity of Mattress Firm store locations is related to money laundering or any illegal activity is absolutely false,” CEO Ken Murphy told Business Insider in a statement on Wednesday.
The Reddit comment that sparked the theory suggested that Mattress Firm, the largest specialty mattress retailer in the US, is laundering money. The comment was later deleted, spurring even more speculation, The Next Web reported.
“Mattress Firm is some sort of giant money laundering scheme,” a Reddit user wrote in the now-deleted comment, adding: “I remember seeing 4 mattress firms all on each corner of an intersection once, and there is no way there is such a demand for mattresses.”
Mattress Firm took to Twitter to respond to the news on Tuesday.
Us looking at our mentions like… pic.twitter.com/B7okaxf4Qx
— Mattress Firm (@MattressFirm) January 24, 2018
Mattress Firm has 3,500 stores in the US. Social-media users claim that the brand is overstored, given that it stocks products that are typically bought every seven to 10 years.
“Our convenient locations in highly-trafficked areas keep us top of mind when it’s time to buy a mattress,” Murphy said in the statement.
Murphy added that the proximity of stores is partly due to the acquisitions the company has made. In 2015, Mattress Firm acquired Sleepy’s, the second-largest specialty mattress retailer, which added over 1,000 stores to its portfolio.
He also said that Mattress Firm is continually looking at how it can get rid of any unprofitable locations and grow in other areas. The company confirmed it would be closing 200 stores last December.
Here is Murphy’s statement in full:
“The idea that the proximity of Mattress Firm store locations is related to money laundering or any illegal activity is absolutely false. For the last 30 plus years, we’ve been committed to providing customers the value of a good night’s sleep, and our convenient locations in highly-trafficked areas keep us top of mind when it’s time to buy a mattress. Additionally, multiple acquisitions have added to our real estate portfolio, sometimes resulting in store locations in close proximity. Optimising our fleet has been and will continue to be a part of our strategic roadmap and we evaluate duplicative or under-performing stores, as well as shifting retail trade areas, with this intention. We also continue to open stores in new and underpenetrated markets to best serve the local community and our employees. Above all, we remain steadfast in our goal to continue to do what we do best – help customers find the perfect mattress and get a better night’s sleep.”
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