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Article: Simmons Completes Sale of Sleep Country USA to Sleep Train.
- Article from:
- PR Newswire
- Article date:
- August 30, 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, Aug. 30 /PRNewswire/ -- Simmons Company, a leading manufacturer of premium-branded bedding products, today announced the completion of the sale of Sleep Country USA, its retail sales business, to an affiliate of The Sleep Train, Inc., a leading bedding retailer, for approximately $55 million in cash. The proceeds of the sale will be used for general corporate purposes.
As previously announced, Simmons entered into a multi-year supply agreement with the combined Sleep Train and Sleep Country USA entities. This agreement is expected to generate purchases in excess of $300 million.
"We are pleased to complete this transaction with Sleep Train, ...