Mattress Firm Acquires Mattress Xpress
On September 4, 2012, the Company entered into an agreement to acquire the assets and operations of Mattress XPress, Inc. and Mattress XPress of Georgia, Inc. (which are referred to collectively as Mattress X-Press), including 30 mattress specialty stores located primarily in South Florida and five stores in Georgia, for approximately $15.8 million, subject to customary adjustments. The closing of the transaction is expected to occur in the third fiscal quarter of 2012 and remains subject to the prior satisfaction of customary closing conditions. The Company, which currently operates Company-owned stores in South Florida and Georgia, intends to rebrand the Mattress X-Press stores as Mattress Firm within one month of closing and expects to see the benefits of future advertising on all Mattress Firm stores in these markets. The average sales per store of the Mattress X-Press stores are comparable to the Company's overall average for Mattress Firm stores nationwide.
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