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an advertisement. (September 2019) |
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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]
History
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]
Retail presence
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]
References
- ^ Wu, Jasmine (18 Aug 2019). "There are now 175 online mattress companies—and you can't tell them apart". CNBC. Retrieved 15 May 2022.
- ^ Brown, Brandon (21 Aug 2018). "Country's largest mattress maker to buy Tuft & Needle". Phoenix Business Journal. Retrieved 15 May 2022.
- ^ "Our Story". Tuft & Needle. Retrieved 9 April 2016.
- ^ Rop, Aaron (16 May 2014). "Tempe online mattress company thrives". Arizona Central. Retrieved 10 November 2016 – via USA Today.
- ^ Del Ray, Jason (5 March 2014). "How a Startup Created the No. 1 Rated Mattress on Amazon". Recode. Retrieved 10 November 2016 – via Vox Media.
- ^ Doerfler, Sue (26 December 2014). "Online mattress store opens Phoenix showroom". Arizona Central. Retrieved 10 November 2016.
- ^ Brown, Brandon (19 December 2014). "Online mattress retailer opens showroom in downtown Phoenix". Phoenix Business Journal. Retrieved 10 November 2016.
- ^ Goth, Brenna (8 December 2015). "Phoenix startup to fill historic Grand Avenue building". Arizona Central. Retrieved 10 November 2016 – via USA Today.
- ^ Feldman, Amy (15 January 2016). "How Mattress Startup Tuft & Needle Said No To VC Money, Borrowed $500K And Opened Its First Store". Forbes. Retrieved 9 April 2016.
- ^ "Ways Brands Develop Connections". Breakthroughbrand. 2 January 2016. Retrieved 19 June 2018.
- ^ a b c Hirsch, Lauren (21 August 2018). "Serta Simmons to merge with Tuft & Needle". CNBC. Retrieved 23 August 2018.
- ^ Monllos, Kristina (2019-07-18). "One year after merger, Tuft & Needle is bringing a DTC approach to Serta Simmons". Digiday. Retrieved 2019-09-25.
- ^ LLC, Serta Simmons Bedding. "Serta Simmons Bedding And Tuft & Needle Close Merger". www.prnewswire.com (Press release). Retrieved 2019-01-31.
- ^ "Serta Simmons Bedding files for Chapter 11 bankruptcy protection". 2023-01-24. Retrieved 2023-01-24.
- ^ a b "Store Locations | Tuft & Needle". www.tuftandneedle.com. Retrieved 2019-01-31.
- ^ Mandel, Eric (21 August 2018). "Atlanta mattress giant Serta to buy upstart e-commerce brand". Atlanta Business Chronicle. American Cities Business Journals. Retrieved 23 August 2018.