Posted on 09/26/2009 3:03:58 AM PDT by TigerLikesRooster
UPDATE 3-Serta owner to buy Simmons in $760 mln deal
Sat Sep 26, 2009 1:29am IST
(Recasts, adds information about Serta)
* Simmons and Serta combined beat out Sealy
* Simmons will file for bankruptcy
By Caroline Humer
NEW YORK, Sept 25 (Reuters) - Mattress makers Simmons and Serta are planning to dethrone competitor Sealy as the world's largest mattress company in a $760 million deal that includes Simmons filing for bankruptcy.
Simmons Co said on Friday that it has put together a restructuring plan to be sold to private-equity firm Ares Management LLC and a unit of the Ontario Teacher's Pension Plan, which owns competitor Serta.
(Excerpt) Read more at in.reuters.com ...
Ping!
And what if they all merge? Will it be Simmons, Serta and Sealy?
Simmons and Serta will now be known as "SS". Their new motto is...
"You vill get a good nights rest, or else!"
We have so many furniture stores in the area, it’s ridiculous. Who buys new furniture all the time? Who needs furniture in this market, other than Michelle to decorate the White House in her trailer trash style?
I can’t believe they’ve not all gone belly-up, but I hear that La-Z-Boy is really hurting, too.
We went to a Steinhoffel’s just for giggles a few weeks back. Husband was looking for a new office chair. The salespeople were like VULTURES, and the store (as big as a football field and packed to the rafters) was deserted.
I wish someone would buy out the “You’re killing me, Larry” people. Just to get rid of the commercials.
Most of the many furniture stores in my area are Mexican [Credito Facil] ... I can only imagine what that means.
Shaken, but unharmed and empty handed. :)
‘Rent-a-Couch’ types?
Illegals setting up homes. :(
Oh, sure. We have that here, too. Lots of illegals in ‘The People’s Republik of Madistan.”
If you build it, they will come!
> We have so many furniture stores in the area, it’s ridiculous. Who buys new furniture all the time?
When I think of furniture stores I always remember the screwing my Aunt got by the government when my Uncle died. Uncle Gordon owned 5 furniture stores (called Gordon’s Furniture, what else). He had almost all of his money tied up in the business that he spent 12 to 14 hours a day at. When he died and my Aunt got the (death) tax bill, she had to close all 5 stores, lay off all 350+ employees and sell off the inventory. She then had enough to pay the taxes with a little left over carry herself through her retirement. He did not get what the business was worth, just what it was worth if you have to sell by a short deadline. The result was the elimination of a local business and 350+ people without jobs.
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