Serta Simmons Bedding Completes Financial Restructuring and Emerges from Chapter 11

Strengthened Financial Position to Advance Turnaround Strategy

 DORAVILLE, Ga., June 29, 2023 – Serta Simmons Bedding, LLC (“SSB” or the “company”), a leading global sleep company, today announced that it has concluded its financial restructuring and emerged from Chapter 11, marking the completion of a critical step in the company’s turnaround effort.

“The financial restructuring process we completed today signifies an important step forward that will enable us to accelerate our turnaround and strengthen our leadership position in the market,” said Shelley Huff, CEO, SSB. “The Serta and Beautyrest brands in our portfolio have a deep heritage in innovation and have played meaningful roles in the lives of consumers for generations. With our financial restructuring behind us, we are taking steps to drive growth by getting back to our innovation roots, reinvesting in our iconic brands, and nailing the fundamentals of our business with a focus on commercial and supply chain excellence.”

SSB, which has been executing on its strategic initiatives over the past 18 months, is advancing its turnaround across the following pillars:

  • Leading with Product Innovation – The company is bringing significant newness to the market this year through the refresh of the vast majority of its product portfolio. Looking ahead, SSB will more frequently update its product mix to deliver consumer-driven innovations as well as high-value products across brands and price points.
  • Brand Reinvigoration – Alongside SSB’s commitment to innovation, the company is increasing marketing investments and sharpening its brand positioning to create greater differentiation for the brands in its portfolio, as well as maximize the potential of each brand.
  • Commercial Excellence – As it brings new products to market, SSB is focused on better supporting retail partners and their sales associates to drive sales growth. The company is also leveraging its direct-to-consumer platforms to test new shopping concepts and improve the omnichannel consumer experience.
  • Operating a High-Performing Supply Chain – The investments SSB continues to make in its supply chain are enabling the company to efficiently deliver quality products and excellent service levels to retail partners and sleepers. Supply chain enhancements include the implementation of new processes and technology as well as the optimization and upgrading of its manufacturing network.

“As we execute our turnaround, we will become an even stronger partner to retailers and will help them better serve their customers with our trusted brands and refreshed product portfolio,” added Huff.

As SSB emerges from Chapter 11, a new Board of Directors has been appointed to oversee the company. Previous board members Huff and Brandi Thomas (Group Vice President and Chief Audit Executive, General Electric) will continue to hold board positions. Established private equity investor Mark Genender (Managing Partner, Bristol Growth Capital, LLC), who previously sat on the Simmons Board, will serve as Chairman. The rest of the Board is made up of business leaders with relevant experience in manufacturing, consumer durables and retail, including Charlie Eitel (Former CEO, Simmons Bedding Company), Jim Fogarty (CEO, FULLBEAUTY Brands), Alan Shaw (Former President and CEO, North America, Electrolux), and an additional board member to be announced.

“I look forward to partnering with Shelley and the management team, as well as the rest of the Board of Directors and the company’s investors, to help advance SSB’s turnaround effort,” said Genender. “Serta and Beautyrest are among the most valuable brands in the industry. These brands, in combination with SSB’s strategic areas of focus, executive leadership, and investor support, will drive the next phase of growth for the company.”

SSB is emerging with ample liquidity and a more flexible capital structure that will enable it to execute its turnaround. As a result of the Chapter 11 process, SSB successfully reduced its funded debt from approximately $1.9 billion to approximately $315 million. The nearly
$1.6 billion debt reduction lowers the company’s annual cash interest expense by more than $100 million, enabling more investments back into the business. In addition, in connection with emergence, SSB has obtained a $100 million revolving credit facility which, along with substantial cash on hand and cash generated from operations, will provide additional financial flexibility to support the company’s strategic initiatives.

During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB’s legal counsel, Evercore Group L.L.C. served as SSB’s investment banker and FTI Consulting, Inc. served as SSB’s financial and restructuring advisor. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB’s priority lenders.

About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com

Contacts
Danit Marquardt
Serta Simmons Bedding
SSBCommunications@sertasimmons.com

Ed Trissel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Serta Simmons Bedding Names Dominick Azevedo Chief Sales Officer

Azevedo to Join the Company in Late June

DORAVILLE, Ga. – June 12, 2023 – Serta Simmons Bedding (SSB), a leading global sleep company, announced today that Dominick Azevedo will be joining the company’s executive leadership team as Chief Sales Officer in late June. In this role, Azevedo will lead the sales function for the organization.

“We are continuing to advance our strategic initiatives which include delivering commercial excellence,” said Shelley Huff, CEO, SSB. “Over the past 18 months, we have strengthened our retail partnerships to drive greater impact of our trusted brands at retail. Dom’s industry expertise and proven track record in both merchandising and generating sales growth will enable us to accelerate these efforts and further enhance our leadership position in the market.”

“The brands in SSB’s portfolio have a deep heritage in delivering industry-leading sleep solutions for consumers,” said Azevedo. “I look forward to partnering with Shelley and the sales team to extend the reach of these brands. We will move with agility and execute decisive and data-driven strategies to grow our, and our retail partners’, businesses.”

Azevedo, who will report to Huff, brings more than 30 years of bedding marketing, merchandising and sales experience to SSB. He most recently served as Vice President of Merchandising and New Business Development at City Mattress, a regional mattress retailer serving Florida and New York. Prior to that, he held senior leadership roles at E.S. Kluft & Company and Advanced Sleep Concepts. Earlier in his career, Azevedo spent more than a decade at Simmons Bedding Company where he ultimately served as Executive Vice President of Sales responsible for all sales functions.

With Azevedo joining SSB, Derek Miller, current Chief Sales Officer, will transition to a new role on the sales team leading key national accounts, reporting to Azevedo.

“I’d like to recognize Derek for his leadership over the sales organization for the past four years, and his commitment to the company for the past 25 years. He will continue to play an important role at SSB as we position the company for the future,” added Huff.

About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit https://sertasimmons.com/.

Media Contacts:
Danit Marquardt, Eric Mangan
Serta Simmons Bedding
SSBCommunications@sertasimmons.com

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Serta Simmons Bedding Achieves Confirmation of Plan of Reorganization

DORAVILLE, GA., June 6, 2023 – Serta Simmons Bedding, LLC (“SSB” or the “company”), a leading global sleep company, today announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the company’s pre-arranged Plan of Reorganization (“Plan”). SSB, which has continued to operate as normal and serve retail partners and sleepers as usual throughout the court-supervised process, expects to emerge from Chapter 11 in the near future.

“With the Court’s confirmation of our Plan, SSB will emerge with the financial resources and flexibility to continue to drive forward our strategic growth initiatives and further bolster our leadership position in the market,” said Shelley Huff, CEO, SSB. “Throughout the process, we advanced our strategic priorities by introducing new products, investing in marketing, strengthening retail partnerships, operating a high-performing supply chain, and making critical additions to our executive leadership team. We look forward to emergence and continuing to invest in our business and our brands to deliver the high-quality and innovative sleep products, as well as excellent service levels, for which our company is known.”

Huff added, “We are grateful to our associates for their commitment to our business throughout this process. We also thank our retail and supplier partners, as well as our other business stakeholders, for their ongoing support of our mission to help people sleep better so they can live healthier lives.”

The company expects to emerge with a strengthened financial position, including ample liquidity and a flexible capital structure, to fund its strategic priorities. As a result of the financial restructuring, SSB will have substantially reduced its secured debt from approximately $1.9 billion to $315 million, which will also lower the company’s annual cash interest expense by more than $100 million.

Additional information regarding the court-supervised process is available on SSB’s restructuring website, www.SSBRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the company’s claims agent, Epiq, at https://dm.epiq11.com/sertasimmons; by calling Epiq toll-free at 877-618-5414, or 503-966-3043 for calls originating outside of the U.S.; or by emailing sertasimmonsinfo@epiqglobal.com.

Weil, Gotshal & Manges LLP is serving as SSB’s legal counsel, Evercore Group L.L.C. is serving as SSB’s investment banker, and FTI Consulting, Inc. is serving as SSB’s financial and restructuring advisor.

About Serta Simmons Bedding

Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com.

Contacts

Danit Marquardt
Serta Simmons Bedding
SSBCommunications@sertasimmons.com

Ed Trissel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Serta Simmons Bedding Launches New Serta iComfortECO and Perfect Sleeper Collections

Introduces Enhanced Serta.com Experience for More Seamless Research and Shopping

New Marketing Campaigns Begin Running This Week

Doraville, Ga., April 19, 2023 – Serta Simmons Bedding, LLC (SSB) announced today the launch of its new Serta® Perfect Sleeper® and Serta iComfortECOTM collections. Timed to these new releases, which are rolling out now to retailers nationwide, the company is introducing enhancements to Serta.com that offer sleepers a more seamless research and shopping solution, and kicking off marketing campaigns tied to the new lines.

“At Serta, we are proud of our 90-year heritage in providing trusted sleep solutions. This year, we are bringing a tremendous amount of newness to the market across the SSB brand portfolio, including through the launches of our Serta iComfortECO and Serta Perfect Sleeper collections,” said Laura Brewick, President of Serta, Serta Simmons Bedding. “To support these launches and enhance the overall shopping experience for the Serta brand, we are introducing new features to our Serta.com channel as well as marketing campaigns that speak to the strong value proposition of our products.”

The updates to Serta.com offer sleepers a more seamless and comprehensive research and shopping solution. Highlight features include more robust content and imagery as well as a guided buying tool so sleepers can select options within a collection and better understand the consumer benefit of each choice. The site also features omnichannel touchpoints to enable sleepers to shop however they want to shop, whether that be online or by visiting one of Serta’s many retail partners.

“We are committed to serving sleepers at every part of their mattress shopping journey and, through our updates to Serta.com, are providing them with comprehensive product content that empowers sleepers to make the purchase decision that is right for them,” added Brewick. “We look forward to continuing to meet the evolving needs of sleepers and offering them tools to shop at both our retail partners and e-commerce platform.”

About Serta iComfortECO and Serta Perfect Sleeper

Serta iComfortECO is the next generation of the Serta iComfort line, first introduced to the market in 2011 and last updated in 2019. The new collection features the comfort, support, and cooling that iComfort is known for, while incorporating more sustainable materials, such as recycled fibers in both the CoolTemp™ cover and bottom support layer of the mattress, a 5-zone coil support system which is made from 85% recycled steel, and Terra FusionTM memory foam made from nearly 30% plant-based content that is USDA BioPreferred Certified.

Serta iComfortECO

The refreshed Serta Perfect Sleeper offers significant value to consumers. The line, which provides pressure relief through zoned support at every price level, is available starting at $599 (Queen), representing a 30 percent savings compared to the opening price point of the previous collection.

The refreshed Serta Perfect Sleeper

Launching New Marketing Campaigns

The new Serta collections will be supported by national advertising campaigns that began running this week. The iComfortECO campaign, which includes a 30 second video spot and will run across CTV platforms, digital and social channels, focuses on the line’s integration of more sustainable materials. Meanwhile, the Perfect Sleeper campaign, which includes short-form video content, will run on digital and social platforms, with messages on how the collection helps deliver perfect sleep every night for every type of sleeper.

For more information on the new Serta collections, visit Serta.com.

About Serta Simmons Bedding

Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit https://sertasimmons.com/.


Media Contact
:

Eric Mangan
SSBCommunications@Sertasimmons.com

# # #

Serta Simmons Bedding Announces New Executive Leadership Appointments

Guy Longworth joins SSB as Chief Marketing Officer; Brian Dengler to join as Chief Innovation Officer

DORAVILLE, Ga. – April 10, 2023 – Serta Simmons Bedding (SSB), a leading global sleep company, announced today additions to its executive leadership team to advance the company’s growth strategy and strengthen its business.

  • Guy Longworth joins SSB as Chief Marketing Officer, effective today. He will be responsible for leading the SSB portfolio of brands, along with brand marketing strategy and activation, consumer insights, creative and media. He will also oversee the company’s strategy, emerging channels, and licensing business.
  • Brian Dengler will join the company as Chief Innovation Officer, effective May 8. He will be responsible for innovation strategy, R&D and product development, aesthetics, and advanced engineering.

“We are strengthening our leadership team as we move forward with our strategic growth initiatives that include leading with innovation, building demand for our trusted brands and operating a high-performing and resilient supply chain to provide industry-leading service to both retail partners and sleepers,” said Shelley Huff, CEO, SSB. “We are pleased to welcome Guy and Brian, who bring proven track records in consumer-driven innovation and igniting brand growth. These seasoned leaders will play an important role in helping us advance our strategic plans as we serve sleepers and work to reclaim our leadership position in the market.”

“Serta Simmons Bedding has an outstanding portfolio of trusted sleep brands beloved by consumers around the world,” said Longworth. “I’m thrilled to be working with Shelley and the rest of the team to build awareness and demand, helping SSB achieve its vision to be the trusted leader in sleep.”

“Innovation is – and always has been – at the core of SSB’s mission, and that is one of the many reasons I’m excited to join this team,” said Dengler. “Together, we will bring the next generation of sleep innovation to the market and ultimately help people sleep better so they can live healthier lives.”

About Guy Longworth
Longworth joins SSB with more than 30 years of global marketing experience. He has held leadership roles at iconic brands, including Intuit and Sony Interactive Entertainment America, where he led the launch of the PlayStation PS4 and was credited for returning PlayStation to market leadership, as well as disruptive technology startups, such as the agriculture-tech company Farmers Business Network, where he most recently was CMO. Longworth also held strategic marketing roles at Procter & Gamble, Kraft Foods, and Kellogg’s earlier in his career.

About Brian Dengler
Dengler brings more than 30 years of innovation and product development experience to SSB. He has held senior leadership roles at Yeti, where he owned the product roadmap, driving the company’s future vision and path beyond coolers, as well as Newell Brands, where he led global development and innovation, and paved the way for new technology for the Calphalon brand. He comes to SSB from Instant Brands, a global manufacturer of kitchen and homeware appliances, where he served as Senior Vice President, Product Development and led global product development and quality for Instant Pot, Pyrex, Chicago Cutlery, Corelle and CorningWare.

About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit https://sertasimmons.com/.

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Media Contact:

SSBCommunications@sertasimmons.com

 

Serta Simmons Bedding Digitally Transforms Supply Chain Planning with Blue Yonder

Company implementing Blue Yonder’s Luminate Planning solution to further enhance customer experience and support ongoing growth efforts  

DORAVILLE, Ga., and SCOTTSDALE, Ariz. – Mar. 16, 2023 – Serta Simmons Bedding (SSB), a leading global sleep company, today announced that it is digitally transforming its supply chain planning capabilities with Blue Yonder. SSB is in the process of implementing Blue Yonder’s SaaS-based Integrated Demand and Supply Planning solution, part of Luminate® Planning, into its existing Advanced Planning System (APS) to improve manufacturing efficiency and meet ongoing customer demand, as well as support the company’s ongoing growth efforts.

“At Serta Simmons Bedding, we are focused on helping people sleep better so that they can live healthier lives, and we are continuing to enhance our supply chain capabilities to ensure we deliver on that promise,” said Bhavani Subramanian, Chief Supply Chain Officer, Serta Simmons Bedding. “The implementation of Blue Yonder’s solution is the latest step in our effort to further build a high-performing and resilient supply chain so that we can continue providing excellent, on-time in full service to our retail partners and, ultimately, sleepers.”

Blue Yonder’s Integrated Demand and Supply Planning solution will enable SSB to better understand changing demand patterns and support advanced planning of raw materials. Leveraging artificial intelligence and machine learning prescriptive recommendations, the solution offers a holistic and connected view of the supply chain planning process supporting the company’s forecast accuracy and inventory management efforts.

“We developed the Blue Yonder solution to help companies optimize their planning capabilities and improve manufacturing efficiencies,” said Terry Turner, President – Manufacturing, Blue Yonder. “We are excited to team up with Serta Simmons Bedding to enhance their supply chain and support their efforts to deliver industry-leading sleep solutions to both retailers and consumers.” 

About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit https://sertasimmons.com/.


About Blue Yonder
Blue Yonder is the world leader in digital supply chain transformations and omni-channel commerce fulfillment. Our end-to-end, cognitive business platform enables retailers, manufacturers and logistics providers to best fulfill customer demand from planning through delivery. With Blue Yonder, you’ll unify your data, supply chain and retail commerce operations to unlock new business opportunities and drive automation, control and orchestration to enable more profitable, sustainable business decisions. Blue Yonder – Fulfill your Potential™  blueyonder.com

“Blue Yonder” is a trademark or registered trademark of Blue Yonder Group, Inc. Any trade, product or service name referenced in this document using the name “Blue Yonder” is a trademark and/or property of Blue Yonder Group, Inc. All other company and product names may be trademarks, registered trademarks or service marks of the companies with which they are associated.

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Media contacts:

Serta Simmons Bedding:
SSBCommunications@sertasimmons.com

Blue Yonder:
Marina Renneke
marina.renneke@blueyonder.com

New Survey Discovers Co-Sleepers’ Biggest Sleep Disruptors

By Suann Griffin, Head of Consumer Insights at Serta Simmons Bedding

At Serta Simmons Bedding (SSB), we know the importance of consistently getting great sleep – and we also know many sleepers aren’t getting the sleep they need.

To delve deeper into what is disrupting people’s sleep, we commissioned a survey timed to Sleep Awareness Month on the sleep habits of those who share a bed and found that the average person who co-sleeps reported getting fewer than four good nights of sleep per week.

We also discovered what is keeping people up at night and what they are willing to do about it, including:

  • Stealing the covers is one of the top offenders for couples. Those surveyed shared that their biggest disruptor is when their partner steals the covers (35%), wakes them up tossing and turning (35%), sleeps with the television on (28%), snores (28%) or sleeps with the lights on (27%).
  • People who co-sleep are willing to try separate beds to get better sleep. Nearly half of respondents (49%) shared they would be willing to try sleeping in a separate bed as a way to get better rest.

We know that great sleep is grounded in maintaining a strong sleep routine, whether sleepers sleep on their own or co-sleep, and the survey results unveiled how people are approaching those routines. Findings include:

  • Quality time before bed. Despite a willingness to sleep in separate beds, more than two in five people (42%) prefer going to sleep at the same time as their partner, and once couples are ready to go to sleep, 53% of those surveyed prefer to cuddle their partner.
  • Sticking to a single side. Forty percent of those surveyed said they continue to sleep on their own side of the bed even when their partner is away, while more than one third (34%) use the opportunity to take up more space in bed. In addition, when sleeping away from home (such as traveling), 45% confirmed they don’t migrate from their typical side of the bed.
  • Sharing the bed often started with sharing the room. More than half of respondents (56%) grew up sharing their room with a family member, such as a sibling, and a majority of them credit this experience for preparing them to be more accepting of sharing a room with their partner.
  • Security blankets are forever. Fifty-two percent of those surveyed grew up sleeping with a security blanket or stuffed animal, and 77% of this group reported continuing to do so while sharing a bed with their partner.
  • Washing up matters. Nearly two-thirds (64%) gave a resounding “yes” when asked if they showered before bed, and 58% confirmed they would be bothered if their partner didn’t wash up before bedtime. 

Finally, 36% of those surveyed said they think a new or better mattress would help contribute to better sleep and here at SSB, we continue to be focused on introducing new solutions across lines and price points that address sleepers’ evolving needs.

# # #

*Data from a survey conducted by OnePoll on behalf of Serta Simmons Bedding, with a panel of 2,000 Americans who live with their partner.

Serta Simmons Bedding Takes Decisive Actions to Strengthen Financial Position and Drive Long-Term Growth

Commences Voluntary Pre-Arranged Chapter 11 Proceedings to Deleverage Balance Sheet

Service to Retail Customers and Sleepers Continuing as Usual and Will Be Unaffected by Chapter 11 Proceedings

DORAVILLE, GA – Jan. 23, 2023 – Serta Simmons Bedding, LLC (“SSB” or the “company”), one of the leading global sleep companies, today announced that the company is taking steps to strengthen its financial position as it continues to support long-term growth.

SSB has entered into a Restructuring Support Agreement with key financial stakeholders that will significantly reduce the company’s debt and enable the company to continue making critical investments in its business and brands. To implement the restructuring contemplated by the agreement, most of SSB’s U.S. corporate entities have initiated a voluntary pre-arranged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.

The company is operating as normal and is serving retail partners and sleepers as usual. SSB’s manufacturing facilities are fulfilling orders, and the company is continuing to work with suppliers and vendors in the ordinary course of business. SSB also has meaningful launches planned for this year from Serta and Beautyrest.

“SSB has a deep heritage in providing industry-leading sleep solutions,” said Shelley Huff, CEO of SSB. “With the support of key financial stakeholders, we are taking steps to strengthen our financial position. After the conclusion of this process, we will have a stronger financial foundation to drive profitable growth and continue delivering the high-quality, innovative products that our company is known for. Looking ahead, we will remain focused on launching new innovations, further building a high-performing and resilient supply chain and expanding the commercial side of our business to meet demand for our trusted brands and products.”

“We thank our retail partners and suppliers for their continued support as we move forward with this process,” added Huff. “We are also grateful to our associates for their continued commitment to executing on our mission to help people sleep better so they can live healthier lives.”

Additional Information about the Restructuring Support Agreement and the Court-Supervised Process

The Restructuring Support Agreement has been agreed to by approximately 81% of the company’s first lien, first out priority term loan lenders and approximately 77% of its first lien, second out priority term loan lenders (collectively, the “consenting creditors”), as well as a majority of SSB’s existing equity holders (the “consenting equity”).

To implement the terms of the Restructuring Support Agreement, including a comprehensive balance sheet restructuring pursuant to a pre-arranged Chapter 11 plan of reorganization that is attached as an exhibit to the Restructuring Support Agreement, SSB and most of its U.S. corporate entities filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”). Today’s filings do not include SSB’s Canadian or Puerto Rican operations.

The restructuring will substantially reduce the company’s funded debt from approximately $1.9 billion to approximately $300 million and enable the company to continue making critical investments in its business and brands. The company has received a commitment for a $125 million exit ABL Credit Facility available upon SSB’s emergence from Chapter 11.  The company has also obtained a debtor-in-possession financing in the form of a $125 million ABL Credit Facility. Upon Court approval, the new financing, along with approximately $170 million of cash on hand as of the filing date, and cash generated from the company’s ongoing operations, will be used to support the business during the court-supervised process.

SSB has filed a number of customary “first day” motions seeking Court approval to support its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption, as well as the continued support of its customer programs and consumer product warranties. The company is also seeking Court permission to pay suppliers, either during the Chapter 11 process or upon emergence from it, for goods and services that were provided prior to the bankruptcy filing date. The company expects business to continue as usual throughout the process and trade vendors and suppliers will be paid in full under normal terms for goods and services provided on or after the filing date.

Additional information regarding the court-supervised process is available on SSB’s restructuring website, www.SSBRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the company’s claims agent, Epiq, at https://dm.epiq11.com/sertasimmons; by calling Epiq toll-free at 877-618-5414, or 503-966-3043 for calls originating outside of the U.S.; or by emailing sertasimmonsinfo@epiqglobal.com.

Weil, Gotshal & Manges LLP is serving as SSB’s legal counsel, Evercore Group L.L.C. is serving as SSB’s investment banker, and FTI Consulting, Inc. is serving as SSB’s financial and restructuring advisor.  Gibson Dunn & Crutcher, LLP is legal counsel to the consenting creditors and Centerview Partners LLC is investment banker to the consenting creditors. Ropes and Gray LLP is serving as legal counsel to Advent International Corporation.

About Serta Simmons Bedding

Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com.

Contact:

SSB Communications Department

SSBCommunications@sertasimmons.com

 

Joele Frank, Wilkinson Brimmer Katcher

Ed Trissel / Aaron Palash / Viveca Tress

212-355-4449

Serta Simmons Bedding Announces Updates to Key Lines in its Serta and Beautyrest Portfolio

Unveils New Serta iComfortECO Collection Incorporating More Sustainable Materials

New Take on Serta Perfect Sleeper to Deliver Trademark Comfort at More Accessible Price Points

Plans to Expand Beautyrest Harmony Collection in 2023

Doraville, Ga. (Jan. 19, 2023) – Serta Simmons Bedding (SSB), one of the leading global sleep companies, today announced updates to key lines in its mattress portfolio across its Serta® and Beautyrest® brands. Highlight launches, which will be on display at Winter Las Vegas Market beginning Jan. 29, include the next generation of Serta’s iComfort® line, Serta iComfortECOTM, which integrates more sustainable materials, as well as the improved Serta Perfect Sleeper® collection, which delivers the brand’s trademark comfort as well as zoned support, at more accessible price points. In addition, SSB announced that it will be unveiling updates to its Beautyrest Harmony® collection later this year.

“At SSB, we have a rich history in innovation,” said Shelley Huff, CEO of SSB. “This includes serving sleepers with high-value products offering industry-leading performance across a wide range of price tiers. The collections we are launching this year across Serta and Beautyrest further build on this heritage, delivering a strong value proposition as well as feature sets that sleepers have been asking for, such as the integration of more sustainable materials.”

Serta iComfortECO

Serta iComfortECO, which is scheduled to launch to sleepers beginning in April 2023, features the comfort, support and cooling Serta iComfort is known for while incorporating more sustainable materials. Available in quilted hybrid, smooth hybrid and all-foam constructions, highlight features include:

  • Each Queen Mattress Includes Recycled Plastics Equivalent to More than 120 Recycled Plastic Water Bottles – The Serta iComfortECO mattress CoolTemp™cover is made in part with REPREVE® performance fiber which is made from recycled plastic bottles. Separately, recycled plastics have also been integrated into the bottom support layer of the mattress.
  • New 5-Zone System Featuring a Quad-Coil Design for Improved Support – The new coil found in the hybrid models also leverages a glue-less design and is made from 85% recycled steel.
  • Terra FusionTM Memory Foam – This foam layer, which can be found towards the top of the mattress, is made from nearly 30% plant-based content that has USDA BioPreferred Certification.

Serta iComfortECO will be available for suggested retail prices ranging from $1299 to $3499.

Serta Perfect Sleeper

Serta’s new Perfect Sleeper national collection, available in innerspring and smooth hybrid constructions, will also launch beginning this spring and offers:

  • More Accessible Price Points – The line will now be available to consumers starting at a suggested retail price of $599, representing a more than 30 percent savings compared to the previous opening suggested price point. Across the line, suggested pricing will range from $599 – $1,299.
  • Zoned Support at Every Price Level –Addressing consumer demand for pressure relief, zoned support is featured across the entire Perfect Sleeper collection. Serta is offering support solutions ranging from a three-zoned 850-coil density system at the top of the line to an 825-coil density system with a center-support gel band in the entry level models.
  • Breathable Foam Layers and Cool-to-the-Touch Cover – Building on the success of previous iterations of the line, the new Perfect Sleeper will offer a mix of different memory foams as well as a cool-to-the-touch cover for enhanced comfort on the higher-end models.
  • On-Trend Design – The collection features a new bold and modern look inspired by fashion and interior design trends.

“Sleepers have trusted the Serta brand to deliver our trademark comfort for more than 90 years and we have long stood for providing significant value across price points,” said Laura Brewick, President, Serta. “Our latest iteration of iComfort builds on the collection’s performance legacy and marries the latest in support and comfort with sustainability, while Serta Perfect Sleeper will bring the line to a wide range of sleepers through more accessible pricing.

Newness Coming from Beautyrest

On the heels of the successful relaunch of Beautyrest Black®, SSB will be updating and expanding its Harmony® collection later this year further building on the sustainable aspects of the current line.

New Collections on Display at Las Vegas Market

Serta iComfortECO and Serta Perfect Sleeper will be on display at the Winter Las Vegas Furniture Market in Suite B1265, a Serta-dedicated showroom. In addition, SSB will be showcasing the latest Beautyrest collections, including Beautyrest Black®, as well as recent launches from Tuft & Needle in the adjacent Suite B1201.

About Serta Simmons Bedding

Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com.

Press Contact:
ssbcommunications@sertasimmons.com

Tuft & Needle Opens New Retail Store in Durham, North Carolina

By Daniel Sanchez, Head of Retail, Serta Simmons Bedding

Our Tuft & Needle brand is centered on the belief that everyone deserves a good night’s rest and to wake up awake. Our retail shops across the U.S. bring this brand mission to life, enabling sleepers to fully experience all aspects of Tuft & Needle.  

Today, we are excited to announce the grand opening of our latest retail store.

Located in Durham, NC, the new shop features:

  • Tuft & Needle Sleep Vignettes – We have created vignettes around our award-winning mattresses – the Original, Mint (which was relaunched this year) and Hybrid. Each vignette also features Tuft & Needle bedframes as well as bedding and sleep solutions.

The new Tuft & Needle store (7001 Fayetteville Road, Suite 101 in Durham) is one of eight that we have in the U.S. And, we’re making it easier than ever for Durham residents to shop this holiday season with up to 30% off select bedding, furniture and giftable sleep essentials, and up to 20% off mattresses. We can’t wait to hear what you think.