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DORAVILLE, Ga.--(BUSINESS WIRE)--Jun 6, 2023--
Serta Simmons Bedding, LLC (“SSB” or the “company”), a leading global sleep company, today announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the company’s pre-arranged Plan of Reorganization (“Plan”). SSB, which has continued to operate as normal and serve retail partners and sleepers as usual throughout the court-supervised process, expects to emerge from Chapter 11 in the near future.
“With the Court’s confirmation of our Plan, SSB will emerge with the financial resources and flexibility to continue to drive forward our strategic growth initiatives and further bolster our leadership position in the market,” said Shelley Huff, CEO, SSB. “Throughout the process, we advanced our strategic priorities by introducing new products, investing in marketing, strengthening retail partnerships, operating a high-performing supply chain, and making critical additions to our executive leadership team. We look forward to emergence and continuing to invest in our business and our brands to deliver the high-quality and innovative sleep products, as well as excellent service levels, for which our company is known.”
Huff added, “We are grateful to our associates for their commitment to our business throughout this process. We also thank our retail and supplier partners, as well as our other business stakeholders, for their ongoing support of our mission to help people sleep better so they can live healthier lives.”
The company expects to emerge with a strengthened financial position, including ample liquidity and a flexible capital structure, to fund its strategic priorities. As a result of the financial restructuring, SSB will have substantially reduced its secured debt from approximately $1.9 billion to $315 million, which will also lower the company’s annual cash interest expense by more than $100 million.
Additional information regarding the court-supervised process is available on SSB’s restructuring website, www.SSBRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the company’s claims agent, Epiq, at https://dm.epiq11.com/sertasimmons; by calling Epiq toll-free at 877-618-5414, or 503-966-3043 for calls originating outside of the U.S.; or by emailing sertasimmonsinfo@epiqglobal.com.
Weil, Gotshal & Manges LLP is serving as SSB’s legal counsel, Evercore Group L.L.C. is serving as SSB’s investment banker, and FTI Consulting, Inc. is serving as SSB’s financial and restructuring advisor.
About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230606006120/en/
CONTACT: Danit Marquardt
Serta Simmons Bedding
SSBCommunications@sertasimmons.comJoele Frank, Wilkinson Brimmer Katcher
Ed Trissel / Aaron Palash
212-355-4449
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT HOME GOODS OTHER RETAIL RETAIL DEPARTMENT STORES
SOURCE: Serta Simmons Bedding, LLC
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PUB: 06/06/2023 09:56 PM/DISC: 06/06/2023 09:55 PM
http://www.businesswire.com/news/home/20230606006120/en