Columbia Closings   What's not in Columbia anymore

This location of Mattress Firm is one that survived the big wave of store closing a few years ago, but it has now pulled up the sheets. As commenter Matt points out, it was just across the street from another mattress store, which can't have helped matters much.

Somehow or other I managed to drive by hundreds of times over the years without ever fixing it in my mind that the store was here, and probably dozens of times in the past month without noticing the closing flags. We'll see what comes next -- the location is not bad, with stoplight access and a good bit of traffic.

(Hat tip to commenter Matt)

Here's another store caught in the great Mattress Firm bankruptcy apocalypse of 2018. This one is right next to the Capital Bank and shares the same vast open spaces back overlook.

You can see it with the Mattress Firm signage still up here at the LoopNet listing

Here is another of Harbison Boulevard's Mattress Firm stores. It looks like they already have a new tenant, Rainbow, lined up, though I have no idea what that is.

I confess I have very little reason to go to Harbison Court anymore with both Barnes & Noble and Chili's being gone though I guess I did eat at Olive Garden once last year.

(Hat tip to commenter Andrew)

That was pretty quick work. The pictures of the store in operation were taken on 9 October 2018, and by 16 October, the signage is down and the store is empty save for a few mattresses stacked against the front wall -- No closing sale, no bargains, just gone.

This is the second vacancy in the still fairly new Jackson Square (which replaced, most recently, Liquids Gentlemen's Club). Earlier in the year, the adjacent Tijuana Flats closed, and has yet to be replaced.

UPDATE 15 November 2021 -- Now a Club Champion gym:

UPDATE 13 December 2021 -- Here's the other side of the Club Champion:

Apart from all the conspiracy theories, apparently the ubiquitious Mattress Firm just thought that Nothing succeeds like excess. It's not always a terrible business model. For instance, if you see two Circle K stores located across from each other, the thought is that This is a busy intersection, and *somebody* is going to put a gas station across from us to catch cars going the other way -- it might as well be *us*.

It can be more problematic for something like mattresses, which aren't a convenience purchase, or as the Houston Chronicle puts it:

Why store-on-every-corner strategy didn’t work for Mattress Firm:

Mattress Firm, as it gobbled up rivals and tripled its store count to more than 3,300 locations, seemed to have a storefront on every block — sometimes two storefronts. In its quest to become the biggest player in the $15 billion U.S. bedding industry, it pursued a strategy of clustering shops close together with the aim of crowding out competition.

It didn’t work.

The Houston retailer said as much when it filed for bankruptcy Friday, acknowledging that it operates too many stores and plans to shutter as many as 700 locations as it tries to get out from under $3.2 billion in debt through its Chapter 11 filing, which allows companies to restructure operations and finances while protecting them from creditors.

“I think they’re humbled,” said Seth Basham, an analyst with Los Angeles-based Wedbush Securities. “They grew far too fast with ambitions to be a national retailer.”

The Wall Street Journal has some more details including that the crisis is a world wide one in some sense:

The bankruptcy marks a rapid fall for the once high-flying bedding retailer and Steinhoff, the South Africa-based retail conglomerate that has been called “Africa’s IKEA.” Steinhoff, whose purchase of Mattress Firm marked its entry into the U.S. market, has been caught up in an accounting scandal that erupted in December. Its creditors, who hold billions of dollars of the company’s bonds, agreed to suspend all payments on its debt for three years. Steinhoff is expected to launch a debt restructuring for its European business in the U.K. later this month.

Commenter Andrew supplies a link that lists the South Carolina stores affected (so far). For the record, they are:

This particular store is next to Jimmy Johns, more or less near the top of the Harbison hill going towards Saint Andrews Road. As of yet, they have not posted any closing signage.

(Hat tip to commenter Andrew)

UPDATE 7 November 2018 -- Here you can see (poorly) that the store has been cleaned out: