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Article: Sleep Country sale set.(Sleep Country USA and Sleep Train Inc.)
- Article from:
- Furniture-Today
- Article date:
- July 31, 2006
- Author:
CopyrightCOPYRIGHT 2006 Reed Business Information, Inc. (US). 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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By David Perry
Sleep Train to buy Simmons' chain
Atlanta-- Major bedding producer Simmons said last week it will sell its 55-store Sleep Country USA chain to one of its best customers, California-based The Sleep Train.
The transaction, expected to close in August, will yield cash proceeds to Simmons of about $55 million.
Separately, Simmons will enter into a multiyear supply agreement with the combined Sleep Train/Sleep Country USA, which is expected to generate business in excess of $300 million for Simmons.
Certain Simmons affiliates have signed a definitive agreement to sell Sleep Country to an affiliate of Sleep Train, a ...