Why is Simmons filing for Chapter 11 as part of the transaction?
Chapter 11 is a necessary administrative step to put the financial restructuring and new ownership structure into effect. It will have no impact on the day-to-day operations of the business. In fact, within the new structure, we will continue to invest in our manufacturing facilities, bring new products to market, and create new opportunities for our associates. We plan to emerge from Chapter 11 a stronger and healthier company with 60 days of our November filing date.
