Simmons Bedding Company Obtains Extension of Forbearance Period

Furniture World News

Simmons Bedding Company, a subsidiary of Simmons Company and a leading manufacturer of premium-branded bedding products, announced that it has reached an agreement with its senior lenders to extend the current forbearance period to March 31, 2009, subject to the terms thereof. Simmons expects the new agreement pertaining to the forbearance extension to take effect on December 10, 2008. As previously announced, the forbearance period extension is designed to provide the Company with sufficient time to reduce the leverage on its balance sheet by pursuing an organized financial restructuring. Simmons plans to work with its various stakeholders to design and implement the restructuring in a manner that maximizes value and preserves and protects its relationships with customers and suppliers. The final form of agreement providing for the extended forbearance period will be attached as an Exhibit to the Form 8-K that will be filed on December 10, 2008 by Simmons with the U.S. Securities and Exchange Commission. About Simmons Company: Atlanta-based Simmons Company, through its indirect subsidiary Simmons Bedding Company, is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest(R), Beautyrest Black(R), Beautyrest Studio(TM), ComforPedic by Simmons(TM), Natural Care(R), Beautyrest Beginnings(TM) and Deep Sleep(R). Simmons Bedding Company operates 19 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States, Canada and Puerto Rico. Simmons also serves as a key supplier of beds to many of the world's leading hotel groups and resort properties. Simmons is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit the Company's website at www.simmons.com.