Despite all the talk about hiding your money in a mattress, it seems very few people are actually doing that. Or if they are, they’re not buying new mattresses.
According to the Journal, private equity-owned Simmons Bedding recently hired bankruptcy lawyers and is looking for new funding, while Select Comfort (SCSS) said it would delay Q4 earnings, while it explored its options. It’s stock is down to $.21. Sealy, which is partly owned by KKR, has fallen over 90% in the last year.
Now if only more companies would market their mattresses explicitly as safes, like the one pictured above, the story might be different.