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This is a small, frameless fabric couch that folds flat and doubles as a lounging or sleeping surface. It uses high-density foam instead of springs, so it stays quiet and resists sagging, and the chenille cover is wrinkle-resistant. At 36 inches long it is compact — closer to a loveseat or floor sofa than a full-size sleeper — so it suits small rooms, studios and guest corners better than a family living room. Rivals in this category are foam flip chairs and futons; this one leans on the wood-grain chenille look and the sleeper conversion rather than on size or a folding frame.
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Lowest price we've seen: $309.99 on Nov 10 at Wayfair. Tracked across 4 stores since Nov 10.