Sleep Country Canada

Sleep Country Canada Inc.
Public
Traded as TSX: ZZZ
S&P/TSX Composite Component
Industry Retail
Founded 1994 (1994)
(Vancouver, British Columbia, Canada)
Founders Christine Magee
Stephen K. Gunn
Gordon Lownds
Headquarters Toronto, Ontario, Canada
Number of locations
 185
Area served
 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island and Nova Scotia
Key people
 Stephen K. Gunn, Christine Magee, David Friesma
Products Mattresses, Bed frames, Headboards, Bed linens, Pillows
Owner Birch Hill Equity Partners Management
Westerkirk Capital
Number of employees
 1,200[1]
Website www.sleepcountry.ca

Sleep Country Canada Inc. is a Canadian mattress retailer, with over 185 stores operating in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island and Nova Scotia.

The company was ranked one of the top 50 companies to work for in Canada by the Globe and Mail. It is best known for its radio jingle, "Why buy a mattress anywhere else? Ding!"

Sleep Country USA, an unaffiliated company, uses the same jingle.

History

A Sleep Country store in Markham, Ontario

In 1994, the three partners Christine Magee, Stephen K. Gunn and Gordon Lownds launched the first four Sleep Country locations in Vancouver. By 1996, the chain had expanded to Toronto with 19 new stores. Growth continued at quick rate. By 2001, the company had 72 stores in six regional markets and an estimated 40% of the market in regions where it operated. In 2003, Sleep Country converted into an income trust, and raised nearly $130 million (C$) in an initial public offering.

In January 2006 the company Dormez-vous Sleep Centres Inc. with five stores in Montreal. In March 2006 it added 32 stores in the US through an acquisition of Sleep America Inc., a mattress retailer in Arizona.

On August 14, 2008, The Canadian Press reported that two Toronto-based investment firms, Birch Hill Equity Partners Management Inc. and Westerkirk Capital Inc., made a friendly takeover offer worth $356 million (CAD) for all the units of the Sleep Country Canada Income Fund, the parent company of Sleep Country Canada.[2] This offer was accepted.

In 2015, the company went public again, in an IPO on the Toronto Stock Exchange raising $300 million.[3] Its new ticker symbol was "ZZZ".

In May 2017, the company began selling Bloom, a mattress-in-a-box made by the company.[4] It is made out of foam and manufactured in Canada, just like other online-only competitors such as Endy Sleep.

Awards

  • 1997, 1998 ranked as one of the Top 50 Best Managed Companies based on a survey conducted by international consulting firm Hewitt Associates and co-sponsored by The Globe and Mail newspaper
  • 2004, 2005, 2006, ranked amongst the "50 Best Employers in Canada" by international consulting firm Hewitt Associates and co-sponsored by The Globe and Mail newspaper.
  • 2006 Christine Magee and Stephen Gunn were awarded the Henry Singer Award by the Canadian Institute of Retailing and Services (CIRAS).
  • 2014 Canada's Top 10 Most Admired Cultures
  • 2014 Passion Capitalist Award
  • 2015 Christine Magee appointed to The Order of Canada

Community service

Sleep Country supports numerous charities and community initiatives across Canada. Some of the programs in which they are involved include:

  • Donated Bed Program - As part of their delivery service, Sleep Country Canada provides the removal of an old mattress. These mattresses are when possible donated to those in need, however not all mattresses can be reused, so Sleep Country also has a large number of mattresses that are disposed of in an environmentally friendly way. (Due to the high costs of recycling, Sleep Country now charges $15.75 for the recycling fee to all customers who request their old mattress to be removed.)
  • Pyjamas & Storybooks - Drive that collects children's storybooks and pyjamas for children in need.
  • Give a Kid a Coat Program - Sleep Country Canada accepts donated coats and assists in distributing them.
  • Backpack for Kids - Donation program that provides backpacks to children in need.
  • Sponsor of 2010 Winter Olympics
  • Supporter of SchoolBOX

References

  1. ↑ "Company Profile for Sleep Country Canada Income Fund (CA;Z.UN)". Retrieved 2008-10-16.
  2. ↑ Sleep Country Canada gets $356-million friendly takeover offer. Canadian Press. August 14, 2008. Retrieved on August 14, 2008. Archived September 13, 2008, at the Wayback Machine.
  3. ↑ "ZZZ... Sleep Country Canada returns to TSX after 7-year absence". CBC News. Retrieved 2018-02-11.
  4. ↑ Shaw, Hollie (9 May 2017). "Sleep Country goes after the mattress-in-a-box business made popular by online rivals". Financial Post. Retrieved 26 June 2017.
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