DORAVILLE, Ga.–(BUSINESS WIRE)–Serta Simmons Bedding, LLC (“SSB” or the “company”), one of the leading global sleep companies, today announced that the company is taking steps to strengthen its financial position as it continues to support long-term growth.
SSB has entered into a Restructuring Support Agreement with key financial stakeholders that will significantly reduce the company’s debt and enable the company to continue making critical investments in its business and brands. To implement the restructuring contemplated by the agreement, most of SSB’s U.S. corporate entities have initiated a voluntary pre-arranged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.
The company is operating as normal and is serving retail partners and sleepers as usual. SSB’s manufacturing facilities are fulfilling orders, and the company is continuing to work with suppliers and vendors in the ordinary course of business. SSB also has meaningful launches planned for this year from Serta and Beautyrest.
“SSB has a deep heritage in providing industry-leading sleep solutions,” said Shelley Huff, CEO of SSB. “With the support of key financial stakeholders, we are taking steps to strengthen our financial position. After the conclusion of this process, we will have a stronger financial foundation to drive profitable growth and continue delivering the high-quality, innovative products that our company is known for. Looking ahead, we will remain focused on launching new innovations, further building a high-performing and resilient supply chain and expanding the commercial side of our business to meet demand for our trusted brands and products.”
“We thank our retail partners and suppliers for their continued support as we move forward with this process,” added Huff. “We are also grateful to our associates for their continued commitment to executing on our mission to help people sleep better so they can live healthier lives.”