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Company type | Brand |
---|---|
Industry | |
Founded | July 19, 2012 |
Founders |
|
Headquarters | , U.S. |
Number of locations | 7 stores (2018) |
Area served | United States |
Products | Mattresses |
Revenue | $170M (2017) |
Owner | Serta Simmons Bedding |
Website |
www |
Tuft & Needle is an American bed-in-a-box company that launched in 2012. [1] On September 28, 2018, the company was acquired by Serta Simmons Bedding. [2]
Tuft & Needle started as an e-commerce company founded on July 19, 2012 by Daehee Park and John-Thomas Marino. [3] Both met via the entrepreneur program at Pennsylvania State University. [4]
The company generated $1 million in sales at the end of 2013. [5] The company later opened its first brick and mortar showroom in the company's Phoenix headquarters in December 2014. [6] [7]
Tuft & Needle acquired TN.com in September 2015. The company established its headquarters at O.S. Stapley Hardware buildings on Grand Avenue in Phoenix in December 2015, after a city grant of $300,000 was used to improve and repair the buildings by a real estate developer. [8] In 2015, Tuft & Needle grew to over 100 employees and earned over $100 million in revenue.[ citation needed]
After turning down investment offers from venture capital investors, Park and Marino took out a $500,000 loan from Bond Street in 2016. [9] In 2016, the company launched a national billboard campaign entitled "Mattress Stores Are Greedy." [10]
In 2017, the company had $170 million in sales. [11] Tuft & Needle spent over $14 million in media during the same year. [12]
On September 28, 2018, Tuft and Needle closed a merger with mattresses manufacturer Serta Simmons Bedding. [13] [11] In November 2018, they also announced a partnership with Amazon to release an Amazon-exclusive mattress called "The Nod." by Tuft & Needle.
On January 23, 2023, Serta Simmons Bedding filed for Chapter 11 bankruptcy. [14]
As of January 2019, Tuft & Needle operates seven retail stores in Scottsdale, Gilbert, Seattle, Kansas City, Raleigh, Portland, and Dallas. [15] Their products are also stocked at select Lowe's, Crate & Barrel [11] and Walmart locations across the United States. [15] [16]