The convertible furniture includes an elongate central bench section. A subframe is provided having an elongate planar member with load-bearing upright support members supporting arm rests or back rests extending upward at opposite ends of the elongate planar member. The central bench section is disposed atop the upright support members. Two lateral extension sections are pivotally attached to opposite edges of the bench section so that the lateral extension sections independently swing out from the central bench section to define a bed frame. Each of the lateral extension sections includes extendable support legs, which provide stability to the respective lateral extension section when extended to the bed frame configuration. Removable mattresses are provided for each section of the furniture. The mattresses are stored on the subframe and hidden from view when the extension sections are retracted. Placing a mattress on the bench section converts the bench to a chaise.