Serta Simmons Bedding LLC, which accounts for nearly one-fifth of U.S. bedding sales, has filed for bankruptcy protection in an effort to eliminate most of its debt, as the slowing economy and rising interest rates crimp consumer demand.
The Doraville, Georgia-based company, whose roots date to 1870, filed for Chapter 11 protection from creditors on Monday night with the U.S. Bankruptcy Court in the Southern District of Texas.Serta Simmons also lined up $125 million in financing to keep operating, including to pay its 3,600 employees.The company's brands include Serta, Simmons, Beautyrest and Tuft & Needle. Sales totaled $2.4 billion in the year ending June 30, 2022.
But he said significant amounts of debt maturing in 2023 make the company's capital structure unsustainable, necessitating a comprehensive restructuring that is now supported by more than three-quarters of its key lenders.and Gamut Capital Management, have sued to modify or undo the 2020 restructuring.
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