<ul class="summary-list"><li><p>Since the coronavirus pandemic shut down offices, universities, and other public places, Americans have been spending more time at home and mattresses are receiving newfound appreciation.</p></li><li>It's not just mattresses for the home that are performing well, as RV- and camper-sized mattresses are experiencing heightened demand as well.</li></ul><p>As more Americans are suddenly spending more time in the home as a result of the pandemic shutting down offices and other public places, mattresses are receiving newfound appreciation.</p><p>"People are spending so much time at home and less time and money eating out or going on vacations," Mark Abrials, the chief marketing officer at "green" mattress company <keyword id="153773" type="ORGANIZATION" weightage="60" keywordseo="avocado">Avocado</keyword>, <a href="https://www.nytimes.com/2020/08/13/style/what-kind-of-mattress-should-I-get.html">told the New York Times</a>. "People are putting more money into the home next and other things that make them feel good."</p><p>It's not just traditional mattresses experiencing strong performances; as working from home becomes more commonplace, adjustable mattresses are garnering more attention. </p><p>"I think a lot of people work in bed even though they say they're at a desk or a table," <keyword id="3390271" type="PERSON" weightage="60" keywordseo="Ron-Rudzin">Ron Rudzin</keyword>, CEO of <keyword id="3390270" type="PERSON" weightage="60" keywordseo="Saatva">Saatva</keyword>, a company that specialized in affordable luxury mattresses, also <a href="https://www.nytimes.com/2020/08/13/style/what-kind-of-mattress-should-I-get.html">told the NYT</a>. </p><p>With nearly every type of travel placed on hold, RV's have become a new accessory for those who want to travel, or relocate while work form home policies are still in place. <keyword id="9753759" type="UNKNOWN" weightage="60" keywordseo="melanie-huet">Melanie Huet</keyword>, chief marketing officer at <keyword id="9753758" type="UNKNOWN" weightage="60" keywordseo="serta-simmons">Serta Simmons</keyword> <keyword id="1361492" type="PERSON" weightage="60" keywordseo="bedding">Bedding</keyword>, <a href="https://www.nytimes.com/2020/08/13/style/what-kind-of-mattress-should-I-get.html">told the Times</a> that her company anticipates even more demand as Americans relocate to less populated areas due to more flexible remote-work policies.</p><p>Mattresses aren't the only furniture that is seeing a rise in sales since the start of the pandemic. Furniture <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> site Wayfair has seen an <a href="https://www.businessinsider.com/wayfair-sales-soar-as-shoppers-online-furniture-2020-8">uptick in sales across all product classes</a> during its most recent quarter, adding 5 million net new customers in that quarter alone, which is more than the company netted in the past year. </p>

Mattress sales are booming as more Americans work and seek comfort at home during the pandemic

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a29bf508a4986772c8b4652-2400/ap080129024289.jpg" border="0" alt="appliances shopping" data-mce-source="AP" /><p class="source"><span>AP</span></p><p class="caption">Major suppliers are demanding that Sears return their inventory.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>GE Appliances, Electrolux, <a href="http://www.businessinsider.com/category/whirlpool">Whirlpool</a>, Serta Simmons Bedding, and more than two dozen other suppliers are demanding that <a href="https://www.businessinsider.com/category/sears">Sears</a> return millions of dollars in goods that were shipped to the company in the 45 days leading up to its <a href="https://www.businessinsider.com/sears-bankruptcy-filing-2018-10">October 15 bankruptcy filing</a>.</strong></li><li><strong>The suppliers are prohibiting <a href="https://markets.businessinsider.com/stocks/shld-stock">Sears</a> from selling the items, which could severely impact the retailers' holiday sales.</strong></li><li><strong>Sears filed for Chapter 11 bankruptcy protection last month.</strong></li></ul><p>Major Sears suppliers including GE Appliances, Electrolux, Whirlpool, and Serta Simmons Bedding are demanding that the retailer immediately return their inventory of refrigerators, washers, dryers, mattresses, and other goods. </p><p>The companies are demanding the return of inventory shipped to Sears and Kmart stores in the 45 days before Sears Holdings filed for bankruptcy, saying that Sears knew it was insolvent at the time of the shipments, according to court filings. </p><p>Serta Simmons Bedding is asking for the return of $1.8 million in goods. GE Appliances, Electrolux, and Whirlpool did not disclose the value of the inventory they are requesting, citing concerns about confidential information. </p><p><em><strong>Read more: <a href="https://www.businessinsider.com/sears-bankruptcy-how-eddie-lampert-gains-when-sears-loses-2018-10">Eddie Lampert steered Sears into bankruptcy, but he's found ways to gain if it sinks</a></strong></em></p><p>More than two dozen other suppliers have demanded the return of their inventory as well, including the snack-food maker J.M. Smucker Company and the power-tools manufacturer Great Lakes Technologies. The value of the inventory requested is more than $500,000 in several cases.</p><p>In letters sent to Sears, many of these suppliers have prohibited the retailer from selling, disposing, or using any of the reclaimed goods. That could severly impact Sears' sales during the critical holiday season.</p><p>Sears <a href="https://www.businessinsider.com/sears-bankruptcy-filing-2018-10">filed for bankruptcy</a> in October, after years of <a href="https://www.businessinsider.com/sears-kmart-close-46-stores-list-2018-8">closing stores</a> and <a href="https://www.businessinsider.com/sears-sells-craftsman-brand-for-900-million-2017-1">selling off assets</a> amid <a href="http://www.businessinsider.com/sears-failing-stores-closing-edward-lampert-bankruptcy-chances-2017-1">crippling sales declines</a>. </p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/future-of-retail-ai?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=ecommerce_ctgr_leadgen&amp;utm_campaign=ecommerce_ctgr_leadgen_future-of-retail-ai"><img src="https://media-bii.businessinsider.com/images/5bd071e7756c100d6806f5f6-960-192.png" alt="Exclusive FREE Slide Deck: Future of Retail:AI by Business Insider Intelligence" border="0" style="width: 100% !important" /></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-ketchup-started-fish-sauce-asia-heinz-recipe-2018-10">How ketchup started as a fish sauce from Asia</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/POOhffLt-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Sears' holiday sales are in peril as suppliers from GE Appliances to Serta Simmons demand they return millions of dollars in inventory

<ul class="summary-list"><li>Corporate bankruptcies just hit their highest levels since 2010, according to new data.</li><li>This year's bankruptcies include Party City, Serta Simmons, and the parent of Silicon Valley Bank.</li></ul><p style="font-weight: 400;">Rising interest rates, supply chain woes, and the online shopping boom are proving a lethal combination for many businesses. </p><p style="font-weight: 400;">There were 54 corporate bankruptcies in the US in May, bringing this year's total to 286, <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-tick-up-in-may-year-to-date-total-highest-since-2010-75997788" target="_blank" rel="noopener">according to new data from S&amp;P Global Market Intelligence.</a> That's the highest number of US corporate bankruptcies recorded for the first five months of the year since 2010, the data provider said. </p><p style="font-weight: 400;">Consumer discretionary companies, which focus on selling non-essential goods, lead the spate of bankruptcies with 37 filings so far in 2023, according to S&amp;P's Market Intelligence data.</p><p style="font-weight: 400;">This year's bankruptcies include party goods retailer<a href="https://www.businessinsider.com/party-city-stores-closing-full-list-2023-2"> Party City</a> and mattress seller <a href="https://www.insider.com/guides/home/tempur-pedic-cloud-mattress-review?_gl=1*9iijk7*_ga*NTk4ODQ5NjQxLjE2NzM5OTM1MTY.*_ga_E21CV80ZCZ*MTY4NjA3Mjg3Ni41LjEuMTY4NjA3NTQxMy4xMS4wLjA.">Serta Simmons,</a> both of which filed for restructuring protection in January. <a href="https://www.businessinsider.com/unremarkable-middle-is-the-best-way-describe-retail-now-2023-5">Bed Bath &amp; Beyond</a> also filed for Chapter 11 bankruptcy protection in April, a process that has led to hundreds of store closures. </p><p style="font-weight: 400;">The parent company of <a href="https://www.businessinsider.com/goldman-sachs-svb-silicon-valley-bank-failure-2023-3">collapsed Silicon Valley Bank</a> also filed for bankruptcy after questions about its financial stability in an environment of rising rates led to a fatal run on deposits.</p><p style="font-weight: 400;">The Federal Reserve has <a href="https://www.businessinsider.com/did-fed-raise-interest-rates-may-pause-hikes-jerome-powell-2023-5">raised interest rates</a> 10 times since March to cool the economy and slow rapidly rising costs for goods and services. It's unclear <a href="https://www.businessinsider.com/next-recession-economic-outlook-labor-productivity-negative-impact-workplace-trends-2023-6">where the economy is headed</a> next, and some experts predict a recession, which will only put pressure on more companies, especially those that need to pay off debts.   </p><p style="font-weight: 400;">Of course, <a href="https://www.businessinsider.com/party-city-stores-closing-full-list-2023-2">the retail apocalypse</a> started well before the economic slowdown, and there are signs that <a href="https://www.businessinsider.com/recession-proof-spending-millennial-money-salary-how-to-spend-2023-6">consumers are still spending </a>heavily, even if their shopping habits have changed.</p><p style="font-weight: 400;">Certain professionals, meanwhile, stand to make a lot of money from the rise in bankruptcies, including lawyers and bankers. See the <a href="https://www.businessinsider.com/top-bankruptcy-lawyers-earn-millions-economy-shrinks-potential-recession-2022-8">top bankruptcy lawyers</a> and <a href="https://www.businessinsider.com/wall-streets-top-restructuring-bankers-when-recessions-defaults-hit-2020-3?r=restructuring-teaser">investment bankers</a> poised for a boon in business as the economy falters. </p>

From Party City to Bed Bath & Beyond: Bankruptcies just hit their highest level since the Great Recession

<p><strong>Hey there!</strong> <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and I think I could be sold on these <a href="https://www.insider.com/mcdonalds-fans-making-mcflurry-hash-brown-sandwiches-tiktok-2023-6">McFlurry hash-brown sandwiches.</a></p><p>Today, we've got stories on <a href="https://www.businessinsider.com/family-office-cio-salaries-in-us-singapore-europe-2023-6">how much the ultra-rich pay people to manage their money</a>, <a href="https://www.businessinsider.com/us-corporate-bankruptcies-are-at-their-highest-level-since-2010-2023-6">why bankruptcies being on the rise isn't bad news for everyone</a>, and <a href="https://www.businessinsider.com/death-of-passwords-login-passkeys-google-apple-face-id-biometrics-2023-6">the death of the password.</a></p><p>But first, war is hell.</p><hr /><p><em>If this was forwarded to you,</em> <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"><em>sign up here</em></a><em>. Download Insider's app </em><a href="https://www.insider.com/app"><em>here</em></a><em>.</em></p><hr /><p><a href="https://markets.businessinsider.com/news/currencies/sec-sues-coinbase-violating-securities-regulation-binance-crypto-regulation-gensler-2023-6?_gl=1*3v9sqy*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzY5OTQuMzguMC4w"></a></p><p><strong>1. Going to the mattresses.</strong></p><p>It was a hit so good Michael Corleone would have been impressed.</p><p>In less than 24 hours, the SEC filed lawsuits against some of the biggest players in crypto. First came <a href="https://markets.businessinsider.com/news/currencies/sec-sues-binance-ceo-changpeng-zhao-crypto-securities-regulation-2023-6?_gl=1*f6cxaq*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzkzNDguMzUuMC4w">Binance</a>, the world's largest crypto exchange, and its outspoken CEO and founder Changpeng Zhao. Then came <a href="https://markets.businessinsider.com/news/currencies/sec-sues-coinbase-violating-securities-regulation-binance-crypto-regulation-gensler-2023-6?_gl=1*3v9sqy*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzY5OTQuMzguMC4w">Coinbase</a>, the largest US cryptocurrency exchange.</p><p>Both suits accuse the exchanges of violating securities laws, but there are plenty of differences between them. For example, there is a particularly juicy quote in the Binance suit that <a href="https://www.businessinsider.com/sec-complaint-against-binance-contains-legendary-quote-bro-2023-6">the finance folks are lapping up.</a></p><p>But beyond the legal intricacies lies a bigger point. The SEC drew a line in the sand for the entire crypto ecosystem: It's our way or the highway.</p><p>Such a momentous move by the regulator has been building for a while. Ever since bitcoin broke onto the scene, the government has offered piecemeal guidance from a variety of agencies. The spike in bitcoin's price in 2017 led to additional attention from the general public, and a desire to create futures contracts tied to the asset class, which meant the regulators wanted to take a closer look. </p><p>Some say the government's interest was about protecting everyday investors from a community with a somewhat shady past and ensuring clean and tidy markets remained in place. Others painted it as an effort to collect more taxes and gain control over a market that could threaten to upend the entire financial system. </p><p>Whatever side you fall on, it's been a constant battle between the two sides ever since. Even those in the crypto community who are supportive of government oversight, understanding that it's important to get Wall Street more involved, have voiced frustration over the lack of clear guidance. </p><p>Adding fuel to the fire was the arrival of Gary Gensler at the SEC in 2021. The former Goldman Sachs partner made a name for himself in the public sector by overhauling the swaps market in the wake of the financial crisis. (For better or for worse, depending on who you ask.)</p><p>As SEC Chair, Gensler was quick to dub crypto the "Wild West" and called on Congress <a href="https://markets.businessinsider.com/news/currencies/sec-cryptocurrency-market-wild-west-authority-regulation-gensler-bitcoin-investors-2021-8">to give him more power to regulate the market</a>. </p><p>Progress seemed to be made, at least to some, when <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12">FTX's Sam Bankman-Fried met with Gensler</a> in 2021. Of course, we all know how that turned out. </p><p>So where do we go from here?</p><p><a href="https://www.businessinsider.com/wall-street-crypto-bitcoin-strategy-after-ftx-sbf-blowup-2022-11">I've long said</a> that I don't believe crypto in its traditional form can ever exist within the confines of the US financial system. Too many things that make crypto special — anonymity, decentralization — are exactly the type of things financial regulators hate.</p><p>That's not a criticism of crypto. It's just a realization that the two sides will never figure it out. Like that one couple who are always fighting but refuse to break up. </p><p>The issue of course, is what's at stake. Instead of a mediocre West Elm couch and the rights to the Netflix password, there are hundreds of billions of dollars and thousands of jobs on the line.</p><p>Let's hope, for everyone's sake, they figure it out. </p><p><strong><a href="https://markets.businessinsider.com/news/currencies/sec-sues-coinbase-violating-securities-regulation-binance-crypto-regulation-gensler-2023-6?_gl=1*3v9sqy*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzY5OTQuMzguMC4w">Read more about the SEC's lawsuit against Coinbase here.</a></strong></p><p><strong><a href="https://markets.businessinsider.com/news/stocks/coinbase-stock-price-sec-sues-crypto-exchange-breaking-securities-laws-2023-6?_gl=1*1enlbxc*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzYzMzguNTguMC4w">And about how it's already hurting the exchange's stock price.</a></strong></p><p><strong><a href="https://markets.businessinsider.com/news/currencies/binance-sec-lawsuit-780-million-outflows-assets-safe-crypto-investors-2023-6?_gl=1*blssp7*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzYyNjkuNjAuMC4w">Here's more on how Binance has suffered over $750 million in outflows since the SEC's lawsuit.</a></strong></p><hr /><p><u><strong>In other news:</strong></u></p><p><a href="https://www.businessinsider.com/private-equity-kim-kardashian-superreturn-conference-berlin-2023-6"></a></p><div type="image" title="Kim Kardashian attends the 2023 Met Gala." height="1503" width="2000" msid="100823228" hostid="261" sizebytes="177228"></div><p><strong>2. PE by Kim K. </strong>Kim Kardashian is set to speak at private equity's blowout conference, SuperReturn, in her role as cofounder of the PE firm SKKY Partners. <a href="https://www.businessinsider.com/private-equity-kim-kardashian-superreturn-conference-berlin-2023-6">More on how the megastar could be the lifeline the industry needs.</a></p><p><strong>3.</strong><strong> Turkey's new central bank chief could be ... a First Republic former co-CEO. </strong>It's not as bad as it sounds. Hafize Gaye Erkan, who was a longtime Goldman banker, left the now-bankrupt First Republic in January 2022, well ahead of the crisis. <a href="https://www.businessinsider.com/hafize-gaye-erkan-first-republic-turkey-central-bank-2023-6">Now she's reportedly the top pick to run Turkey's central bank.</a></p><p><strong>4. Managing really rich people's money pays well. </strong>Roughly 40% of chief investment officers at US family offices are paid at least seven figures. <a href="https://www.businessinsider.com/family-office-cio-salaries-in-us-singapore-europe-2023-6">More on what the ultra-rich are willing to pay.</a></p><p><strong>5. What's holding back the corporate-bond market? </strong>A new AI-powered tool for bond trading marks another step towards electronification of the market. But it's still light years behind how stocks are traded. <a href="https://www.businessinsider.com/openai-tool-corporate-bonds-launched-broadridge-fixed-income-2023-6">So what's holding it back?</a></p><p><strong>6. Going out of business is coming into style. </strong>Corporate bankruptcies hit their highest levels since 2010, with companies like Party City and Serta Simmons falling on hard times. But, depending on what you do, that could mean business is booming for you. <a href="https://www.businessinsider.com/us-corporate-bankruptcies-are-at-their-highest-level-since-2010-2023-6">Here's how.</a></p><p><strong>7. The AI honeymoon for the stock market might be ending. </strong>Some industry analysts are warning that the AI-driven rally we've seen in tech stocks might be tapering out. And what comes next could be ugly. Don't believe me? <a href="https://markets.businessinsider.com/news/stocks/artificial-intelligence-ai-investing-bull-market-meltup-yardeni-tech-stocks-2023-6?_gl=1*s0knny*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzYxNDguNTkuMC4w">Here are two experts</a> both <a href="https://markets.businessinsider.com/news/stocks/gam-investments-corrections-ai-tech-stock-market-interest-rates-fed-2023-6?_gl=1*qpg0ft*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NjA2OTAzMS4yNi4xLjE2ODYwNzYzMDUuMjQuMC4w">issuing warnings about the stock market</a>. </p><p><strong>8. If you want to be a startup founder, better start applying to colleges in California.</strong> Six universities in the state made the list of the top US colleges whose grads recently got private funding. <a href="https://www.businessinsider.com/california-colleges-startup-founder-graduates-stanford-usc-ucla-2023-6">Check them out here.</a></p><p><strong style="color: #000000;">9. You might not have to keep worrying about all those passwords. </strong>Did it start with a capital letter? Did it have an exclamation point at the end? Asking yourself these questions while trying to figure out your password could be a thing of the past. <a href="https://www.businessinsider.com/death-of-passwords-login-passkeys-google-apple-face-id-biometrics-2023-6">Here's why.</a></p><p><strong>10. So about that whole PGA-LIV thing. </strong>If you're wondering what the golfer in your life won't stop talking about, we've got you covered. Here's the rundown on the <a href="https://www.insider.com/pga-tour-to-merge-with-liv-golf-2023-6">PGA Tour's merger with LIV Golf</a>. And here's a breakdown of <a href="https://www.insider.com/pga-liv-golf-tour-merger-winners-losers-pros-cons-koepka-2023-6">the winners and losers from the deal.</a> Speaking of deals, a familiar face was involved in this one: <a href="https://www.businessinsider.com/michael-klein-tapped-to-lead-cs-first-boston-credit-suisse-2022-10">Wall Street vet Michael Klein.</a></p><hr /><p><em>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=647f781cc3a3c773264267e2&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet </em><a href="https://twitter.com/jeffrey_cane"><em>@jeffrey_cane</em></a><em>) in New York and Nathan Rennolds (tweet <a href="https://twitter.com/ncrennolds?lang=en">@ncrennolds</a></em><em>) in London. </em></p>

The US government just declared war on crypto

<p><strong></strong></p><strong><img src="https://static-ssl.businessinsider.com/image/5e1da3b0b2e66a4bcd6c5b03-2000/casper founders.jpg" alt="casper founders" /></strong><ul><li><strong>Casper CEO Philip Krim's obsession with securing a $1 billion "unicorn" valuation derailed three potential buyouts of the online mattress seller, <a href="https://nypost.com/2020/01/13/investors-fear-1-billion-valuation-could-haunt-casper-ipo/?utm_source=twitter_sitebuttons&amp;utm_medium=site%20buttons&amp;utm_campaign=site%20buttons">according to the New York Post</a>.</strong></li><li><strong>The startup, which filed to go public last week, discussed a sale with Tempur Sealy and Serta Simmons last year, but both mattress retailers walked away when Krim refused to budge on price, the newspaper reported.</strong></li><li><strong>"Casper never pursued a sale in 2019," a company spokeswoman told the New York Post.</strong></li><li><strong>Casper reportedly held sale talks with Target in 2017, but the retail giant ended up taking a minority stake, possibly because it only offered about $900 million, venture-capital sources told the newspaper.</strong></li><li><strong><strong><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">View Business Insider's homepage for more stories</a>.</strong></strong><hr /></li></ul><p>Casper CEO Philip Krim's obsession with securing a $1 billion valuation - making his online mattress seller a "unicorn" - derailed three potential buyouts of the business, <a href="https://nypost.com/2020/01/13/investors-fear-1-billion-valuation-could-haunt-casper-ipo/?utm_source=twitter_sitebuttons&amp;utm_medium=site%20buttons&amp;utm_campaign=site%20buttons">according to the New York Post</a>.</p><p>Casper - which filed to go public last week - discussed a sale with mattress retailers Tempur Sealy and Serta Simmons last year, the New York Post reported, citing unnamed sources. However, both suitors walked away when Krim refused to budge from the $1 billion price tag.</p><p>"Serta Simmons had no money, and Tempur Sealy had no interest," one source told the newspaper.</p><p>The startup denied the report. "Casper never pursued a sale in 2019," a spokeswoman told the New York Post.</p><p>Casper held "serious acquisition discussions" with Target in 2017, <a href="https://www.vox.com/2017/5/19/15659562/target-casper-investment-acquisition-talks-foam-mattress">according to Recode</a>, but the retail giant ended up taking a minority stake. One reason may be that it only offered about $900 million for the company, the New York Post reported, citing venture capital sources.</p><p>"That was just hubris," a New York-based venture capitalist told the newspaper, adding that Casper would "regret not selling to Target."</p><p>Casper's <a href="https://www.sec.gov/Archives/edgar/data/1598674/000104746920000166/a2240404zs-1.htm">IPO filing</a> revealed that its net revenue grew 20% to $312 million in the nine months to September 30, but higher costs meant its operating loss widened slightly to just over $65 million.</p><p>The business was privately valued at about $1.1 billion last February, which bodes well for its public debut. However, coworking startup WeWork was valued at $47 billion in early 2019, but ended up <a href="https://markets.businessinsider.com/news/stocks/wework-ipo-adam-neumann-business-model-valuation-2019-9-1028530754">shelving its IPO</a> in September and <a href="https://www.businessinsider.com/softbank-agrees-to-rescue-wework-in-a-bailout-deal-2019-10?r=US&amp;IR=T">accepting a bailout at a $8 billion valuation</a>.</p> <p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"><img src="https://static.businessinsider.com/image/5dcb0cab7eece5025933c502" alt="Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Business Insider Intelligence" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a></p>

Casper CEO's obsession with a $1 billion 'unicorn' valuation reportedly derailed 3 potential buyouts

<img src="https://static-ssl.businessinsider.com/image/5e1db46ef442314e4126dd02-1024/gettyimages-519237236.jpg" alt="Jamie Dimon" /><p class="source"><span><a href="http://www.gettyimages.com/photos/jamie-dimon?family=editorial&amp;phrase=jamie%20dimon&amp;excludenudity=true&amp;sort=best#license">Getty/Mark Wilson</a></span></p><p class="caption">JPMorgan CEO Jamie Dimon</p><p>Here's what's happening.</p><p>1. <strong><a href="https://www.businessinsider.com/iran-nuclear-deal-uk-france-germany-trigger-dispute-mechanism-2020-1?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">The Iran nuclear deal is on the brink of collapse as Britain, France, and Germany trigger a dispute mechanism to directly confront Iran</a>.</strong> The UK, France, and Germany said their decision comes after Iran pulled away the nuclear deal despite their attempts to revive it.</p><p>2. <strong><a href="https://www.businessinsider.com/jpmorgan-fourth-quarter-earnings-result-q4-2020-1">JPMorgan's 4Q earnings smash Wall Street's targets</a>.</strong> JPMorgan beat analysts' revenue and profit expectations, reflecting strong gains in its corporate and investment bank and asset and wealth management divisions.</p><p>3. <strong><a href="https://www.businessinsider.com/boeing-737-max-crisis-ge-aviation-engine-supplier-production-halt-2020-1?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">Another Boeing supplier is laying off workers as it scrambles to deal with the 737 Max production halt.</a></strong> GE Aviation said Monday that it plans to cut 70 temporary jobs at its plant in Bromont, Canada, which helps build 737 Max engines.</p><p>4. <strong><a href="https://www.businessinsider.com/casper-ceo-1-billion-unicorn-valuation-put-off-target-tempur-2020-1?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">Casper CEO's obsession with a $1 billion 'unicorn' valuation reportedly derailed 3 potential buyouts</a>.</strong> Philip Krim's price tag for his online mattress seller may have put off Target, Tempur Sealy, and Serta Simmons.</p><p>5. <strong><a href="https://www.businessinsider.com/house-democrats-huddle-ahead-of-expected-transfer-of-trump-impeachment-charges-to-senate-2020-1">House Democrats huddle ahead of expected transfer of Trump impeachment charges to Senate</a>.</strong> Democrats in the US House of Representatives on Tuesday will discuss the strategy and timing for sending articles of impeachment against President Donald Trump to the Senate as Republicans balk at a call to dismiss the charges without a trial.</p><p>6. <strong><a href="https://www.businessinsider.com/delta-posts-profit-beat-on-loyal-new-customers-as-rivals-battle-737-max-crisis-2020-1">Delta posts profit beat on loyal, new customers as rivals battle 737 MAX crisis</a>.</strong> The airline posted on Tuesday a fourth-quarter profit that beat Wall Street forecasts, boosted by customers gained from rival airlines' 737 MAX cancellations and what CEO Ed Bastian said was a growing preference for the Delta brand.</p><p>7. <strong><a href="https://www.businessinsider.com/chinese-banking-boss-took-bribes-stashed-29-million-in-apartment-2020-1?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">A top Chinese banker confessed to taking bribes after $29 million in cash was found in his apartment</a>.</strong> "I got the money and just left it there, just like making regular trips to the supermarket."</p><p>8. <strong>Stocks are muted.</strong> US futures underlying the Dow, the Nasdaq, and the S&amp;P 500 are flat, with gains and losses below 0.1%. European stocks are also flat. The DAX is unchanged, and the Euro Stoxx 50 is down (-0.2%). Asian stocks were mixed. The Shanghai Composite lost (-0.3%), and the Nikkei added (+0.7%), while the Hang Seng slid (+0.2%).</p><p>9. <strong><a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">On the earnings calendar today:</a> </strong>JPMorgan, Wells Fargo, Citigroup, Delta, and Markit are the highlights. </p><p>10. <strong><a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=01/03/2020&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">On the data docket today:</a> </strong>The Consumer Price Index and the Redbook Index is the highlight.  </p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-wrap-gift-present-fast-2017-12">Last minute gift wrapping? Here's how to wrap your present in under 2 minutes.</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/oMZbVd0K-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

10 things you need to know before the opening bell

<p><strong></strong></p><strong><img src="https://static-ssl.businessinsider.com/image/5e1f468af442313bc0496e73-1600/84054070947c5ebf4dbdo.jpg" alt="Scott Galloway at DLD" /><p class="source"><span><a href="http://www.flickr.com/photos/hubertburdamedia/8405407094/in/photolist-neaTvJ-neaNQG-neaUCN-neaTU9-neaTNN-neaU6v-ngbwuV-nkQZPv-nmaE2j-nkQWFs-nj5PKw-dNKUFY-nganGp-nga2kK-nkQUWq-nm8nNn-nnNjQn-nkQWgu-nj5SCW-nmaELW-ax126R-54dLDh-53sJUs-c8krnb-ax3LQ9-6jRkDS-nnTTS4-nn4UVT-nkkAAN-nk1YXs-nkikLT-nn4UqK-c9i21y-8Wo8L7-8WkqPn-8Woupy-9Auzf4-8Woub1-8Wovxo-54T3c2-c9hWrN-c9i6Zm-8jXDvb-c8M2KW-nkQZhD-nmaDMb-ne7D79-nkQVBJ-nkQWLB-ne7CDQ">Hubert Burda Media</a></span></p></strong><ul><li><strong>Casper, the online mattress seller that filed for an IPO last week, would prefer to find a buyer than go public, Scott Galloway told Kara Swisher on the pair's <a href="https://podcasts.voxmedia.com/show/pivot">Pivot podcast this week</a>.</strong></li><li><strong>"They don't even plan to go public ... they're basically saying a Target or someone, 'Come take us out ... we're for sale,'" the New York University professor told the Recode cofounder.</strong></li><li><strong>Casper's IPO filing revealed modest revenue growth of 20% and an operating loss of $65 million in the nine months to September 30, and the startup faces intense competition from rivals such as Purple and Nectar.</strong></li><li><strong>"This company should absolutely not be a public company," Galloway told Swisher.</strong></li><li><strong><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">View Business Insider's homepage for more stories</a>.</strong></li></ul><p>Casper, the online mattress seller that <a href="https://www.businessinsider.com/casper-sleep-mattress-startup-files-to-go-public-ipo-2020-1?r=US&amp;IR=T">filed for an initial public offering last week</a>, would prefer to find a buyer than go public, Scott Galloway told Kara Swisher on the pair's <a href="https://podcasts.voxmedia.com/show/pivot">Pivot podcast this week</a>.</p><p>"These guys have said, 'We're in a corner, we're up against it,'" the New York University professor suggested to the Recode cofounder. "They don't even plan to go public ... they're basically saying a Target or someone, 'Come take us out ... we're for sale.'"</p><p>Casper's <a href="https://www.sec.gov/Archives/edgar/data/1598674/000104746920000166/a2240404zs-1.htm">IPO filing</a> revealed a modest 20% rise in revenues and an operating loss of about $65 million in the nine months to September 30.</p><p>"This company should absolutely not be a public company," Galloway told Swisher. "The fact that they can even think they can get public, is sorta strange."</p><p>Casper boasts a strong management team and has built a strong brand, targeted an industry ripe for disruption, and tapped into growing consumer interest in getting better sleep, Galloway said.</p><p>However, its losses are hard to justify given it's not growing explosively and isn't a technology company benefiting from major scale or network effects, he added.</p><p>Finding a buyer for the business is a better option than pursuing an IPO, Galloway said. When Casper's bosses asked him for guidance two years ago, he said that he told them, "I have three pieces of advice: sell, sell, and sell."</p><p>His advice remains the same today: "Get out, sell to an old company trying to find Botox to look younger."</p><p>Casper's biggest challenges are fierce competition from other online mattress retailers such as Purple and Nectar, and the lack of barriers to others entering the market, Galloway said. Those factors will either derail its listing plans, or slash its stock price by 30% to 50% during its first year on the market, he argued.</p><p>If Casper fails to go public, months after <a href="https://www.businessinsider.com/weworks-nightmare-ipo?r=US&amp;IR=T">WeWork's IPO went up in flames</a>, it could dampen public investors' interest in similar businesses, Galloway said. There's a risk that "Casper does what We does and kinda s---s in the pond for direct-to-consumer IPOs," he continued.</p><p>Galloway proposed a better option for venture capitalists than an IPO: Combine Casper with other private e-commerce startups.</p><p>"The gangster move here ... would be to create a new-age Williams-Sonoma and to roll up Away, Warby Parker, and Casper," he told Swisher. "Consolidate some of the back end, do a better job of targeting, have more clout."</p><p>Casper didn't immediately respond to a request for comment from Business Insider.</p><p>The idea of a Casper buyout isn't new. Target considered buying it for around $1 billion in 2017 but ended up taking a minority stake, <a href="https://www.vox.com/2017/5/19/15659562/target-casper-investment-acquisition-talks-foam-mattress">Recode reported</a>.</p><p>Moreover, the <a href="https://nypost.com/2020/01/13/investors-fear-1-billion-valuation-could-haunt-casper-ipo/">New York Post reported</a> this week that Casper discussed a sale with traditional mattress retailers Tempur Sealy and Serta Simmons last year, although Casper and Tempur Sealy both issued denials.</p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"><img src="https://static.businessinsider.com/image/5dcb0cab7eece5025933c502" alt="Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Business Insider Intelligence" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/jennifer-lopez-hustlers-pole-dance-training-2019-9">How Golden Globe nominee Jennifer Lopez trained to pole dance in 'Hustlers'</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/yE74CGsb-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

'They don't even plan to go public' - NYU professor Scott Galloway says Casper filed for an IPO but really wants a sale

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5aa956c43be59f1e008b4656-900/img4392.jpg" border="0" alt="Mattress Firm" data-mce-source="Business Insider/Mary Hanbury"><p class="source"><span>Business Insider/Mary Hanbury</span></p><p class="caption">Mattress Firm is closing 209 stores imminently.</p></img></div><p></p></div></div><ul class="summary-list"><li><strong><a href="http://www.businessinsider.com/category/mattress-firm">Mattress Firm</a>&#xa0;filed for Chapter 11 bankruptcy protection on <a href="https://www.businessinsider.com/mattress-firm-files-for-bankruptcy-2018-10">Friday</a> morning.&#xa0;</strong></li><li><strong>As part of its bankruptcy restructuring, Mattress Firm could close as many as 700 stores, the company said.</strong></li><li><strong>209 stores will be closing in the next few days. Here's the full list of those stores.&#xa0;</strong></li></ul><p>Mattress Firm has filed for bankruptcy&#xa0;and is closing hundreds of stores.</p><p>On Friday morning, the mattress-store chain said it would be closing up to 700 stores across the United States. 209 of those stores will close immediately.&#xa0;</p><p>"The process we have initiated today will allow us to strengthen our balance sheet and accelerate the optimization of our store portfolio," Mattress Firm CEO Steve Stagner said in a statement.</p><p>"Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other. We intend to use the additional liquidity from these actions to improve our product offering, provide greater value to our customers, open new stores in new markets, and strategically expand in existing markets where we see the greatest opportunities to serve our customers."</p><p>With an estimated 3,272 stores, according to Wedbush analyst Seth Basham, Mattress Firm is the largest specialty mattress retailer in the US. It has increasingly come under pressure as startups such as <a href="https://www.businessinsider.com/category/casper">Casper</a> innovate the experience of mattress shopping and take market share.</p><p><span>Mattress Firm has also been struggling under a heavy debt load. It owes the mattress producer Serta Simmons, its largest creditor, just over $90 million, according to its bankruptcy filing.</span></p><section data-track-content="" data-post-type="post"><div><div data-piano-inline-content-wrapper=""><p>It has been an eventful few months for the company. In the span of a year, it has been accused by internet sleuths of running a <a href="https://www.businessinsider.com/mattress-firm-conspiracy-grows-after-accounting-problems-2018-1">money-laundering</a> operation, announced it would be closing almost <a href="https://www.businessinsider.com/mattress-firm-could-close-hundreds-of-stores-2018-2">200 stores</a>, and watched as its parent company's business practices have been investigated.</p><p>Last October, Mattress Firm <a href="https://www.scribd.com/document/389077330/Mattress-Firm-lawsuit-against-Levy-Vinson-Deitch-et-al">filed a lawsuit</a> against two former employees, a broker, and a group of developers accusing them of conspiring to push the company to <a href="https://itunes.apple.com/us/podcast/household-name/id1413374332?mt=2&amp;i=1000420020655">aggressively expand and open stores</a>.</p></div></div></section><section><h2 data-e2e-name="see-also-wrapper" data-track-event-label="see-also">Here's the full list of 209 stores Mattress Firm has said will close imminently:</h2><section data-e2e-name="see-also-wrapper" data-track-event-label="see-also"></section><section data-e2e-name="see-also-wrapper" data-track-event-label="see-also"><p>&#xa0;</p><div><p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;">   <a title="View Mattress Firm store closings on Scribd" href="https://www.scribd.com/document/390205872/Mattress-Firm-store-closings#from_embed" style="text-decoration: underline;">Mattress Firm store closings</a> by <a title="View Mary Hanbury's profile on Scribd" href="https://www.scribd.com/user/403614155/Mary-Hanbury#from_embed" style="text-decoration: underline;">Mary Hanbury</a> on Scribd</p><iframe class="scribd_iframe_embed" title="Mattress Firm store closings" src="https://www.scribd.com/embeds/390205872/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-sKAdZOydeVC9ET2ycKKX&amp;show_recommendations=true" data-auto-height="false" data-aspect-ratio="0.7729220222793488" scrolling="no" id="doc_82451" width="100%" height="600" frameborder="0"></iframe></div></section><section data-e2e-name="see-also-wrapper" data-track-event-label="see-also"></section></section>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-christian-louboutin-shoes-are-so-expensive-red-bottoms-heels-2018-9">Why Louboutin shoes are so expensive</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/tUkxjqkX-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Mattress Firm is closing more than 200 stores over the next few days. Here's the full list.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bb2322dea4002f94f8b456a-1384/screen shot 2018-10-01 at 104022 am 2.png" border="0" alt="Amazonbasics mattress" data-mce-source="Amazon" /><p class="source"><span>Amazon</span></p><p class="caption">Amazon is now selling mattresses under its own private label.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong><a href="https://www.businessinsider.com/category/amazon">Amazon</a> has released its own brand of AmazonBasics mattress.</strong></li><li><strong>The prices start as low as $130 for a twin-size bed.</strong></li><li><strong>It means Amazon now competes with the likes of Casper and Tuft &amp; Needle, as well as the many other startups making foam mattresses that are shipped directly to customers in a box. </strong></li><li><strong>The new mattress is another example of Amazon creating its own version of a best seller from a third-party merchant on its website.</strong></li></ul><p>While <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>'s new mattress doesn't seem complicated, its launch shows why some critics are concerned about the e-commerce giant's business practices.</p><p>The mattress, <a href="https://www.amazon.com/gp/product/B07CC7SJKS?pf_rd_p=d1f45e03-8b73-4c9a-9beb-4819111bef9a&amp;pf_rd_r=R09Y41Y8EJ28V2802ZP8">which starts at $130 for a twin size and is made primarily of foam</a>, was released on September 28. It comes in three depths: eight inches, 10 inches, and 12 inches deep. Sizes twin through California king are available.</p><p>The move expands Amazon's private-label Basics brand, which sells everything from batteries to doggie bags. AmazonBasics was Amazon's first in-house brand, and it's one of its most developed, with 120 products.Amazon already sold bedding and furniture including bed frames, but this is the first mattress being sold by the company directly.</p><p>The move puts Amazon in direct competition with mattress startups, a number of which have launched in recent years. Though Casper arguably started the bed-in-a-box trend with its foam mattresses, dozens of imitators have sprung up due to the low startup costs involved. The market has contracted in recent months, as shown by <a href="https://www.prnewswire.com/news-releases/serta-simmons-bedding-and-tuft--needle-close-merger-300721017.html">startup Tuft &amp; Needle merging with Serta Simmons</a> at the end of September. Walmart has developed its own mattress and bedding brand, Allswell, while Target invested $75 million in Casper.</p><p>The new mattress also puts Amazon in direct competition with its own third-party partners, however. The current best-selling mattress on Amazon is the <a href="https://www.amazon.com/dp/B00Q7FWQKO/ref=twister_B07792YVXM?th=1">Zinus Memory Foam Green Tea Mattress</a>. It's been written up in online publications for years and has been praised for its combination of comfort and low price. </p><p>Amazon's new mattresses, however, are several dollars cheaper than the various configurations of the Zinus mattress. </p><p><span>A spokesperson for Amazon did not immediately return Business Insider's request for comment on the pricing of the new mattresses. </span></p><p><span>Amazon's private brands have come under fire lately, as some critics have pointed to the problems inherent with the company's overall strategy to be both a retailer of goods and a marketplace platform for other sellers. </span></p><p><span>Critics including the </span><a href="https://www.businessinsider.com/amazon-investigated-by-eu-commissioner-margrethe-vestager-2018-9">European Union's competition commissioner, Margrethe Vestager,</a><span> and </span><a href="https://www.businessinsider.com/elizabeth-warren-criticizes-amazon-for-seller-practices-2018-9">US Sen. Elizabeth Warren</a><span> have said that Amazon limits competition, as it can use its sales data to help launch its own brands and products like the new mattress. </span><span>The EU has <a href="https://www.businessinsider.com/amazon-investigated-by-eu-commissioner-margrethe-vestager-2018-9">opened a preliminary investigation</a> into whether Amazon has violated antitrust rules by using third-party data to launch its own products, though it has not yet become a formal inquiry.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/millennials-try-cracker-barrel-first-time-2018-8">We had millennials try Cracker Barrel for the first time</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/yBR5QTBU-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Amazon is now selling its own mattresses, and it shows why the industry is worried about the e-commerce giant's growth

<p><em>The <a href="http://www.businessinsider.com/insiderpicks" target="_blank" rel="noopener noreferrer">Insider Picks</a> team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.</em></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fleesa-mattress&amp;referrer=business-insider" target="_blank" rel="noopener"><img src="https://static-ssl.businessinsider.com/image/5c61af7d74c58766e003f2b8-1200/the best mattress.jpg" border="0" alt="the best mattress" data-mce-source="Leesa" /></a><p class="source"><span>Leesa</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>A great mattress can be the difference between a good night's sleep that results in a productive day or a horrible night that makes you feel like you didn't sleep at all.</strong></li><li><strong>We've tested and researched dozens of mattresses and the <a href="http://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fsapira-mattress" target="_blank" rel="noopener noreferrer">Sapira Mattress by Leesa</a> and the <a href="http://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fleesa-mattress&amp;referrer=business-insider" target="_blank" rel="noopener">Leesa Memory Foam Mattress</a> are the best ones you can buy because they suit all sleeping styles.</strong></li><li><strong>Many of our favorite mattresses are on sale for Presidents' Day, so check out the discounts in this guide and in <a href="https://www.businessinsider.com/mattress-sales-deals" target="_blank" rel="noopener">our mattress deals roundup</a>.</strong></li></ul><p>Buying a new mattress is a pretty serious investment that you shouldn't have to make more than once a decade. If you're in the market for a new mattress, you've likely spent plenty of time researching, trying out different mattresses in stores, and thinking about how much you're willing to pay.</p><p>To make it a little easier to decide on the mattress you'll ultimately want to buy, we've put together a buying guide for the best mattresses you can buy online. We've tested several mattresses from direct-to-consumer, bed-in-a-box mattress startups over the past few years to see how they stack up in comparison with big-name mattress brands. </p><h2>Many of our favorite mattresses are on sale for Presidents' Day, so we've listed the discounts below:</h2><ul class="summary-list"><li><strong><a href="https://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fleesa-mattress&amp;referrer=business-insider" target="_blank" rel="noopener">Leesa</a>: Get 15% off mattresses and two free pillows</strong></li><li><strong><a href="http://www.shareasale.com/r.cfm?u=1088116&amp;b=752893&amp;m=60398&amp;afftrack=&amp;urllink=www%2Ebearmattress%2Ecom%2Fproducts%2Fbearmattress" target="_blank" rel="noopener">Bear</a>: Use codes "PRES150" and "PRES300" to save $150 to $300 on your new mattress based on how much you spend</strong></li><li><strong><a href="http://casper.pxf.io/c/196318/396851/7235?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper%2F" target="_blank" rel="noopener">Casper</a>: Get 10% off mattresses with the code "PRES"</strong></li><li><strong><a href="http://shareasale.com/r.cfm?b=984984&amp;u=1088116&amp;m=60720&amp;urllink=https%3A%2F%2Fhelixsleep%2Ecom%2F&amp;afftrack=" target="_blank" rel="noopener">Helix</a>: Use codes "PREZ200," "PREZ150," and "PREZ100" to save $100 to $200 based on how much you spend on your new mattress</strong></li><li><strong><a href="https://purple.pxf.io/c/196318/454867/8120?subId1=biipgf_052217_best-mattresses&amp;u=https%3A%2F%2Fpurple.com%2Fmattresses%2Fpurple-bed%2Fbuy" target="_blank" rel="noopener">Purple</a>: Get a free pillow, seat cushion, mattress protector, blanket, or sheets when you buy a mattress</strong></li></ul><h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fleesa-mattress&amp;referrer=business-insider" target="_blank" rel="noopener"><img src="https://static-ssl.businessinsider.com/image/5beadcf1da27f8680c55e0f9-1600/leesa .jpg" border="0" alt="Leesa " data-mce-source="Leesa" /></a><p class="source"><span>Leesa</span></p></div><p></p></div></div></h2><h2>Here are our top picks for the best mattress you can buy</h2><ul class="summary-list"><li><strong>Best overall: <a href="https://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fsapira-mattress" target="_blank" rel="noopener noreferrer">Sapira Mattress by Leesa</a> and</strong><strong> <a href="https://leesa-sleep.evyy.net/c/196318/236769/4014?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fwww.leesa.com%2Fproducts%2Fleesa-mattress&amp;referrer=business-insider" target="_blank" rel="noopener">Leesa Mattress</a> </strong></li><li><strong>Best for hot sleepers: <a href="http://www.shareasale.com/r.cfm?u=1088116&amp;b=752893&amp;m=60398&amp;afftrack=&amp;urllink=www%2Ebearmattress%2Ecom%2Fproducts%2Fbearmattress" target="_blank" rel="noopener noreferrer">Bear Mattress</a> </strong></li><li><strong>Best for neutral firmness: <a href="http://casper.pxf.io/c/196318/396851/7235?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper%2F" target="_blank" rel="noopener noreferrer">Casper Mattress</a> or the <a href="http://casper.pxf.io/c/196318/396851/7235?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper-wave%2F" target="_blank" rel="noopener noreferrer">Casper Wave</a> </strong></li><li><strong><strong>Best customizable mattress: <a href="http://shareasale.com/r.cfm?b=984984&amp;u=1088116&amp;m=60720&amp;urllink=https%3A%2F%2Fhelixsleep%2Ecom%2F&amp;afftrack=" target="_blank" rel="noopener noreferrer">Helix Mattress</a></strong></strong></li><li><strong>Best affordable mattress: <a href="https://www.amazon.com/gp/product/B007HD9YYQ/ref=s9_acsd_hps_bw_c_x_2_w?&amp;_encoding=UTF8&amp;tag=biipgf_052217_best-mattresses-20&amp;linkCode=ur2&amp;linkId=af8a956c63c5c25a9cb7cb70b7c7a4ed&amp;camp=1789&amp;creative=9325" target="_blank" rel="noopener noreferrer">Lucid Memory Foam Mattress</a></strong></li><li><strong>Best smart mattress: <a href="https://shareasale.com/r.cfm?b=743785&amp;u=1088116&amp;m=59912&amp;urllink=eightsleep%2Ecom%2F&amp;afftrack=biipgf%5F052217%5Fbest%2Dmattresses" target="_blank" rel="noopener noreferrer">Eight Smart Mattress</a> </strong></li><li><strong>Best soft mattress with good support: <a href="https://purple.pxf.io/c/196318/454867/8120?subId1=biipgf_052217_best-mattresses&amp;u=https%3A%2F%2Fpurple.com%2Fmattresses%2Fpurple-bed%2Fbuy" target="_blank" rel="noopener noreferrer">Purple Mattress</a></strong></li></ul><h2>How to pick the right mattress for you</h2><p>There are a ton of things to consider when buying a mattress, including firmness, materials, warranties, return policies, and whether to go with a direct-to-consumer mattress startup or a big-name brand. We break it down for you below:</p><p><strong>Finding the right level of firmness</strong></p><p>Before you buy, you'll want to know what level of firmness is best for you. Side sleepers tend to like medium-to-soft mattresses, while back and stomach sleepers prefer firmer mattresses.</p><p>While your first reaction might be to get the plushest mattress out there, the fact is that sometimes ultra-soft mattresses can be bad for your back. On top of that, if you're half of a couple, you'll need to take into consideration what your partner wants, too. If you've got a big budget, you can go with a high-end mattress that allows for adjustments to be made on each side of the mattress.</p><p>Look for a good return policy or a long trial period in case the mattress you thought you wanted doesn't work out for you. Mattress choice is deeply personal and varies widely from person to person.</p><p><strong>What kind of mattress do you want?</strong></p><p>There are a lot of different mattress types, but <a href="https://sleepopolis.com/guides/how-to-choose-a-mattress/" target="_blank" rel="noopener noreferrer">Sleepopolis</a> breaks them down extremely well. We've summarized each type of mattress below based on the <a href="https://sleepopolis.com/guides/how-to-choose-a-mattress/" target="_blank" rel="noopener noreferrer">site's expert mattress buying guide</a>: </p><ul><li><strong>Hybrid </strong>mattresses combine memory foam and latex with spring coils and other materials to appeal to a wide range of sleepers. These mattresses are great all-around options for couples.</li><li><strong>Latex foam </strong>mattresses are best known for being cooling, bouncy, and responsive.</li><li><strong>Memory Foam </strong>mattresses conform to your body's needs and offer excellent support. They're huggier than other mattresses, so they may not appeal to hot sleepers.</li><li><strong>Coil </strong>mattresses are more old-fashioned and traditional, but they're great for strong support and a long life. If you sleep on the edge, coil mattresses are good for you.</li><li><strong>Pillow-top </strong>mattresses are ideal for people who like soft, cushy mattresses. Pillow-top mattresses can have springs underneath or not, but they always have a fluffy, pillowy top for extra softness.</li><li><strong>Adjustable </strong>mattresses let you choose and alter the position and firmness of your bed and some even vibrate or massage you while you sleep. These are pricey but can be great for people with back problems.</li></ul><h2>Don't fall for big-name brands or add-ons</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://casper.pxf.io/c/196318/396851/7235?subId1=biipgf052217bestmattress&amp;u=https%3A%2F%2Fcasper.com%2Fmattresses%2Fcasper%2F" target="_blank" rel="noopener"><img src="https://static-ssl.businessinsider.com/image/5ac79c5b4d0386d2658b4567-2400/casperb1.jpg" border="0" alt="Casper_B1" data-mce-source="Casper" /></a><p class="source"><span>Casper</span></p></div><p></p></div></div></p><p>Anyone who's ever shopped for a new mattress has probably wondered why on Earth these things are so expensive. As <a href="https://thewirecutter.com/blog/why-startup-mattresses-cost-less/" target="_blank" rel="noopener noreferrer">The Wirecutter</a> and <a href="https://www.slate.com/articles/life/shopping/2000/11/going_to_the_mattresses.single.html" target="_blank" rel="noopener noreferrer">Slate</a> explain, it's all about marketing costs, brand recognition, crazy profit margins, and monopolies in the mattress market. In the US, you have four major brands owned by two companies: Simmons and Serta vs. Tempur-Pedic and Sealy.</p><p>Often, these companies seem to be your only choices, so you end up paying a premium and the big brands end up reaping a killer profit. However, now there are <a href="http://www.businessinsider.com/best-online-mattress-companies-startups-casper-helix-leesa-2016-7/#helix-1" target="_blank" rel="noopener noreferrer">dozens of mattress startups</a> out there that are direct to consumer, offer great warranties, have long return windows, and low prices. We recommend you stay away from the big names and <strong><a href="http://www.businessinsider.com/best-online-mattress-companies-startups-casper-helix-leesa-2016-7/#helix-1" target="_blank" rel="noopener noreferrer">buy from one of these great startups</a></strong>.</p><p>You'll also want to consider if you want any add-ons like a mattress cover, mattress pad, sheets, and so on. In the process of buying a mattress, you'll likely be pitched all kinds of different accessories to get, and if you don't go in with a clear idea of what you want, it's easy to fall victim to those pitches and spend way more money than you thought you would. It's best to buy everything else separately, so go to the last slide in this guide to learn about our other great buying guides for bedding.</p><p><em>Updated on 02/14/2019 by Malarie Gokey: Added Presidents' day sales.</em></p><h3>Read on in the slides below to check out our top picks.</h3><p class="tagline"><a href="http://e.businessinsider.com/join/ci/insider-picks">Subscribe to our newsletter.</a><br><br>Find all the best offers at our <a href="https://coupons.businessinsider.com/">Coupons page</a>.<br><br>Disclosure: This post is brought to you by the <a href="http://www.businessinsider.com/insiderpicks">Insider Picks</a> team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at insiderpicks@businessinsider.com.</br></br></br></br></p>

The best mattresses you can buy online

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/53e4bd8a6da811231bc7f9bd-1200-924/lululemon-founder-chip-wilson-4.png" border="0" alt="Lululemon founder Chip Wilson"><p class="source"><span>YouTube/lululemon</span></p></img></div><p></p></div></div>Lululemon Athletica founder Dennis "Chip" Wilson will sell half his stake in the company as part of a truce that averts a potentially messy battle at the maker of yoga apparel and other exercise gear.</p>
<p>Under the deal announced Thursday, investment firm Advent International will pay Wilson $845 million for 20.1 million shares. That will whittle Wilson's stake in Lululemon from nearly 28% to just under 14%.</p>
<p>Wilson had lashed out at Lululemon's board in June, raising the possibility of an attempt to oust some directors or a hostile takeover attempt.</p>
<p>Advent instead will get two seats on Lululemon's board, bringing back two investors who had previously been directors at the Vancouver, British Columbia, company. They are: David Mussafer, Advent's managing partner and Steven Collins, Advent's managing director.</p>
<p>Advent, based in Boston, had worked closely with Wilson previously. The firm was a major investor in Lululemon before selling its stake in the company in 2009.</p>
<p>"We welcome the opportunity to work with David and Steven, who have significant specialty <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword> experience and are deeply familiar with Lululemon's unique culture," Lululemon Chairman Michael Casey said.</p>
<p>Mussafer, who will become Lululemon's co-chairman along with Casey, also sits on boards of retailers Charlotte Russe and Five Below, as well as mattress manufacturer Serta Simmons.</p>
<p>Besides being a director at Charlotte Russe and Five Below, Collins is on the boards of Party City and fast-food chain Bojangles.</p>
<p>Lululemon has been trying to bounce back from a backlash triggered last year by yoga pants that were so sheer that they revealed a little too much for many galled customers. Fixing the problem cost the company millions and made investors question quality control, contributing to a steep decline in Lululemon's stock price. The company's shares have fallen by more than 40 percent since the March 2013 uproar over the transparent pants.</p>
<p>Investors seemed heartened by Advent's intervention as Lululemon's stock gained $2.12, or 5.4 percent, to $41.15 in extended trading after Wilson's sale was announced. Advent is paying Wilson roughly $42 per share for half of his stake in the company.</p>
<p>Wilson aggravated Lululemon's headaches late last year when he suggested in a television interview that fat thighs caused some yoga pants to be too sheer. He later apologized in a video posted on YouTube and Facebook.</p>
<p><img class="nc_pixel" src="https://pixel.newscred.com/px.gif?key=YXJ0aWNsZT0yNDUzYjhmNjMxZmNjMDZiY2VhMWRjMDUxMjY5ZWZlNyZub25jZT1hMjRmNjNjZS05M2IwLTQxYmQtOGNiYi1jNmFjZGNjMTU0MTcmcHVibGlzaGVyPThjMDBmYmVlNjFkNWJjZjBjNjA5MmQ4YjkyZWJiY2Ex" border="0" alt="" width="1" height="1" /></p>

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