DOVER, Del. (AP) -- Simmons Co., maker of Beautyrest mattresses, has filed for bankruptcy protection.
The privately held, Atlanta-based company filed a prepackaged Chapter 11 plan Monday in Delaware, listing assets between $500 million and $1 billion, and liabilities of more than $1 billion.
The bankruptcy plan, announced in September, would put new owners in charge of Simmons' bedding unit and lower total debt from about $1 billion to $450 million. The plan calls for Simmons Bedding Co. and related entities to be acquired by affiliates of private equity fund Ares Management and Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan.
Reduced spending by consumers during the recession, especially on big-ticket items like mattresses, has hurt bedding manufacturers.
