BNET Industries

Mattress Discounters Corp.

is in the Retail Industry

Last Fiscal Year Sales:$244.2M
  • Private
  • US
Dow Jones Description

Mattress Discounters pioneered the "sleep shop" concept when it opened the doors of our first Sleep Center in October 1978. That one Sleep Center has grown to over 70 locations in Maryland, Richmond, VA, Northern Virginia, Delaware and the Washington DC Metro Area. Employing nearly 380 people, we are the mattress retail leaders in the markets we serve, with plans for expansion. Our Sleep Centers provide customers an alternative to department stores and furniture stores because selling a good night's sleep is all we do. Our Sleep Counselors are experts at helping each customer find his or her perfect mattress set. In addition to market leading sales and premier customer service, Mattress Discounters manufactures our own private label mattresses Factory Direct Comfort Source - across from our Corporate Headquarters in Upper Marlboro, Maryland, just outside Washington DC. The Factory Direct Comfort Source is a high quality, value priced alternative to national name brand mattresses. After 30 years of experience, we think we've perfected the way people get a good night's sleep - it's been our primary focus. Over the years we've become the experts at guiding customers through the process of finding the right mattress set the one that will provide them years of comfort, satisfaction and good sleep.

President & CEO
Steve Newton
Number of Employees 500
Contact Information

9822 Fallard Ct

Upper Marlboro, Maryland 20772

www.mattressdis...

(301) 856-6755

NAICS Code Furniture Stores: 442110

News & Analysis

mattress discounters corp. - All News and Analysis

Decision Makers

Name (plus bio) Position
Steve Newton President & CEO

Board of Directors

Name (plus bio) Position
Andrew A. Giordano Chair of Board
Michael C Appel Board of Directors

Organization Position Status
Mattress Discounters Corp President & CEO Current

Organization Position Status
Mattress Discounters Corp Chair of Board Current

Mr. Appel is an experienced retail executive. He has had direct supervisory responsibility for every functional area within a retail operation and has extensive international sourcing expertise. Mr. Appel has served as an interim CEO, interim COO and turnaround advisor for several well-known retailers and specialty consumer products companies. Among the companies where he served as CEO include Caswell-Massey Co. Ltd, Ciro, Inc., Laura Ashley, MacKenzie-Childs, Levene's (a New Zealand-based home furnishings retailer), and Palmers (New Zealand's leading garden center chain). Mr. Appel undertook assignments at the last four companies at the request of senior executives at Goldman Sachs & Company. At Quest, Mr. Appel leads the firm's Retail and Consumer Goods Practice. Representative clients have included Skip's Clothing, HCI Direct, Kasper ASL, Scoop and Barney's New York. At Skip's Clothing, a manufacturer of knitted apparel, Mr. Appel was retained in May 2005 to conduct a business review of Skip's operations at the request of the Subordinated Note Holder ("Note Holder"). The company had experienced years of declining sales and margin deterioration resulting in technical defaults under its loan agreements. Following the review, a consensual restructuring was reached whereby the Note Holder converted its debt into substantially all the equity in the company. Mr. Appel was then engaged to lead a Quest team serving as Financial Advisors to the company during the restructuring. Quest negotiated both DIP and exit financing and prepared the company for a Chapter 11 filing in advance of the new Bankruptcy Laws that took effect in mid-October 2005. To raise critical cash, Mr. Appel and his team collected 90% of past due receivables , sold over 1.5 million units of excess/obsolete inventory, cut expenses and improved operating cash flow. An agreement with the trade was reached, exit financing was secured and Skip's exited Chapter 11 in April 2006. Acting as Chief Restructuring Officer of HCI Direct, the leading U.S. direct marketer of women's hosiery, Mr. Appel worked with HCI's management and Board in implementing a successful pre-package Chapter 11 filing. Upon departure of the company's CEO, Mr. Appel was appointed interim CEO, where he managed the business, launched a successful new product line and recruited a new CEO.

Organization Position Status
Quest Company Current
Qtadvisors Official Site Board of Directors Current
Mattress Discounters Corp Board of Directors Current
Cutlery Corp. President Former
Cutlery Corp. Chief Operating Officer Former
Fortunoff Fine Jewelry & Silverware, Inc. Vice President of Merchandising Former
Barneys New York, Inc. Former
Brandeis University Former
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