The Bankruptcy Files: Simmons, Velocity Sold in Chapter 11
By, Brian Baxter
Posted By: Amy Nightingale
Leading U.S. mattress maker Simmons Company is the latest retailer to succumb to economic pressures. On Friday, the company announced a bankruptcy reorganization plan that will result in the sale of the bedding company to a private equity consortium.
The second-largest mattress maker in the U.S. by revenue, Simmons follows smaller competitors like Dial-A-Mattress into a Chapter 11 slumber that has resulted in the company's sale to a new buyer.
Weil, Gotshal & Manges bankruptcy partner Michael Walsh, M&A partners Steven Peck and Joseph Basile, finance partner Kelly Dybala, antitrust cochair Helene Jaffe, and tax partner Scott Sontag are advising Simmons on its bankruptcy and subsequent sale to Los Angeles-based private equity firm Ares Management and the Ontario Teachers' Pension Plan.
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It seems the economy is hitting a wide range of companies and industries forcing them into bankruptcy.
ReplyDeleteBy: Sara Sindelar