King Koil is making a bold move to help its retail partners bounce back from the temporary store closures that have taken place during the COVID-19 pandemic by deferring any payments on all new floor samples and inventory. The program is designed to give retailers relief from the shutdown’s cash crunch. Under the Mattress Stimulus Package, retailers will have until January of 2021 to pay for the products they buy.
“The effect of the COVID-19 pandemic has been catastrophic to retailers on so many levels. Since the slowdown, our team has been thinking about the day our partners reopen for business, and how we can create bold and innovative programs to help them kickstart sales and restore their financial health,” said David Binke, chief executive officer of King Koil. “We understand that the greatest challenge retailers will face as they re-open is minimal early revenue and limited cash flow. King Koil will do everything we possibly can to stand beside our retailers as we all emerge from this period. I believe the industry will come out of this very positive and to do that requires some creative strategies.”
The stimulus package is open to new and existing King Koil retailers on orders placed from the company’s factory in Arizona.
To complement the stimulus program, King Koil has developed two new, sharply priced mattresses. Built with specifications that higher-priced mattresses typically carry, the company’s two mattresses are designed as a means to drive store traffic.
A 15.5-inch, hand-tufted mattress featuring pocketed coils, gel memory foam and enrobed in a stretch Tencel™ fabric can be promoted at $999. A 15-inch model, ready to promote at $799, offers a combination of micro coils and pocketed coil system and gel memory foam dressed in a stretch Tencel.
“While over the past few years we have been focusing more on luxury, we realize that in the current economic environment retailers will need a greater assortment of product to meet the needs of the changing economic realities of many of their customers. As such, with the materials we’ve incorporated into these new designs, retailers could easily retail this at $1,999 and $1,599,” Binke said. “These are interesting times, and we are ready to arm our partners with great products and creative solutions to turn on the sales spigot as stores reopen.”
About King Koil: A leading global mattress manufacturer, King Koil supports more than 30 licensees in more than 90 countries where King Koil mattresses are manufactured and sold. Headquartered in Avondale, Arizona, the company has a long, rich history that reaches back to 1898 when Samuel Bronstein founded United States Bedding in St. Paul, Minnesota. What started out as six employees in a small factory has continued to grow. During the 1930s, U.S. Bedding improved the bedspring and was looking for a new name for its product. From there, the King Koil name was born.