According to the Phoenix Business Journal, Phoenix-based mattress retailer Sleep America was acquired for $12.5 million by national mattress retailer Mattress Firm.
The deal was closed on Jan. 6, according to Sleep America founder Debbie Gaby. The acquisition includes all of Sleep America’s 47 Arizona stores but did not lead to mass layoffs.
Mattress Firm will, however, take over representation of the brand, and so Gaby has stepped down as CEO.
For many in the Valley, Gaby was well-known for her radio commercials and charity work. She will continue her philanthropic projects, though they will no longer be affiliated with the mattress company.