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Article: Simmons Company to Sell Sleep Country USA.
- Article from:
- PR Newswire
- Article date:
- July 26, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ATLANTA, July 26 /PRNewswire-FirstCall/ -- Simmons Company, a leading manufacturer of premium-branded bedding products, today announced that certain of its affiliates have signed a definitive purchase agreement to sell Sleep Country USA, its retail sales unit, to an affiliate of The Sleep Train, Inc., a leading bedding retailer. The transaction, which is anticipated to close in August of 2006, will yield cash proceeds to Simmons of approximately $55 million. Separately, Simmons will enter into a multi-year supply agreement with the combined Sleep Train and Sleep Country USA entities which is expected to generate purchases in excess of $300 million.
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