Everyone is familiar with mentioning Simmons. However, knowing that "Ximengsi" is not just a mattress is a century-old store, perhaps it happened yesterday. I know that it is because of its bankruptcy... Simmons, the world's largest mattress manufacturer, has announced that it will file for bankruptcy protection. It is expected that Simmons and its subsidiaries will be sold to two private equity funds with a transaction value of approximately $760 million. Currently, most of Simmons' bondholders have decided to support the restructuring plan. Looking back at history is embarrassing. In 1900, Simmons put the world's first spring mattress wrapped in cloth on the market, thus changing people's sleep habits. It is spread all over the world: from the US President of Air Force No. 1 to the home of ordinary people; the people who have publicized it include: Henry Ford, the king of the car, and Ainol Roosevelt, the widow of former US President Roosevelt; The “mattress indexâ€, which is the number of sales of the pad, has also become an important indicator for economists to observe the economic boom: when the economy is booming, soft mattress sales are booming; and when the economy is sluggish, mattress sales are plummeting. Since Simmons first entered the Chinese market in 1935, there have been many empirators, so that in the memory of the Chinese, Simmons has always been synonymous with spring mattresses. The sacrifice of interest Simmons's current home, Thomas H. Lee Brothers (THL), announced the bankruptcy news. For many shareholders of this company, bankruptcy will become a disaster. Because this means they will lose more than $575 million alone. In less than 20 years, Simmons has changed seven clubs. And the managers from THL say: Simmons is a victim of bad economic conditions. It does not perform because of poor management or assumes too much debt. As evidence, these people pointed out that between 2003 and 2007, Simmons sales increased by 40%, while its operating income increased by 26%. At the same time, in March 2009, Simmons' market share grew much more than its competitors. "Simmins's sorrow," as Simmons' co-executive Scott said, is entirely because the economy has fallen into an "unprecedented and unpredictable" downturn, which has shaken the entire mattress industry. However, THL itself is unscathed. Instead, it has also made huge profits. According to the New York Times, the investment company that bought Simmons in 2003 now has about $77 million in profits, which was achieved with the constant depreciation of Simmons' assets. The investment bankers on Wall Street also got the benefits. They have made millions of profits by helping to arrange transactions and to make these transactions possible to sell bonds. “There are so many people who are able to get so much money in a company that is going bankrupt. This is a legend in the current financial environment and a growing phenomenon of 'corporate America’. An example of this," the New York Times commented. "Ximengsi" is still in Beijing. The bankruptcy of the Simmons headquarters does not seem to affect the Chinese market. This morning, the reporter saw in the actual home (view map) that the Simmons brand mattress is still selling well, and consumers are coming. Asked about the price, and the sales staff also introduced it. When the reporter asked whether the news of bankruptcy had an impact on sales, the sales staff were surprised. They all said that "this news is still the first time to hear." This situation also appears in several other furniture stores. Mr. Ma, the person in charge of the home, said that the Simmons brand entered China very early, and the reputation of the product was very good. “One year, there is no need for after-sales service.†Mr. Ma stressed that the quality of the brand is trustworthy. He also expressed "shock" about the application for bankruptcy. Mr. Ma said that compared with many domestic brands, the price of Simmons brand is high, so the sales volume is not the best, but it has a group of loyal "fans", so it is not sold.
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