To Our Valued Consumers,
Thank you for your interest in learning about Simmons. To adjust to the unprecedented economic events that have affected many companies over the past year, we have worked hard on financially restructuring our company to continue serving you, the consumers—who are the life of our business. I'm delighted to tell you that the Board of Directors at Simmons has approved a restructuring plan and accepted a bid from a group of equity investors led by Ares Management and Ontario Teachers' Pension Plan (referring to as AOT).
To better position Simmons for the future, we have filed for pre-packaged Chapter 11 bankruptcy protection. Chapter 11 is a necessary administrative step to put the financial restructuring and new ownership structure into effect. A significant majority of our lenders support the Plan of Restructuring and we plan to emerge from Chapter 11 a stronger and healthier company within 60 days of our November filing date.
You may wonder what effect, if any, our restructuring process will have on you. In short, it will have no impact. We've always been focused on serving our customers, and we will continue to do so throughout this process. This phase of our restructuring process will be invisible to you.
We are committed to producing mattresses of the highest quality and will honor all warranty claims. Our corporate culture remains vibrant, and our emphasis on innovation will continue leading to the manufacturing of world-class products.
Simmons has been a proud name in bedding and sleep products since the founding of our company in Kenosha, Wisconsin by Zalmon G. Simmons more than 139 years ago. Thanks to our loyal associates, our partners in retail, and most of all, the support of consumers like you, Simmons will continue delivering the quality for which we are known, while providing you with the same high standard of service you should expect.
To learn more about our efforts, I invite you to read our press release and browse our Frequently Asked Questions. If we can answer any additional questions, please contact customerassistance@simmons.com. Again, thank you for your interest and continued support of Simmons.
Kind Regards,
Steve Fendrich
President and Chief Operating Officer
