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Tuft & Needle
American e-commerce and manufacturing company in Phoenix, Arizona From Wikipedia, the free encyclopedia
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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]
 | This article contains promotional content. (September 2019) |
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History
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Tuft & Needle started as an e-commerce company founded on July 19, 2012 by Daehee Park and John-Thomas Marino.[3] They 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' domain in September 2015. The company established its headquarters at O.S. Stapley Hardware buildings on Grand Avenue in Phoenix in December of 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]
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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]
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External links
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