[4][5] As of March 2022[update], the company has 150 stores in 24 US states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast regions.

After the future company's co-founder, Bob Kaufman, was injured in a 1976 motorcycle accident, he discovered the benefits of a waterbed for recuperation.

[6][8][7] Through the 1990s, the company added additional locations, often acquiring buildings that had been vacated by tenants bankrupted during the early 1990s US recession.

[6] Its ability to grow during its early years in spite of unfavorable economic conditions has been partially attributed to the extensive use of commercials.

[6][8] In early 2005, the investment firm Saunders Karp & Megrue acquired 70 percent ownership of Bob's Discount Furniture.

[15] In late 2006, the company expanded into Rhode Island, New Jersey, and New York followed by an expansion further south into Maryland and Virginia.

[13][16] In Q1 of 2014, Bob's Discount Furniture was acquired by Bain Capital, though its current management team continued to own a significant stake in the company.

[41] Through these efforts, the company has supported March of Dimes,[42] Autism Speaks,[43] Special Olympics,[44] Save the Children,[45] and Camp Rising Sun.