Serta Simmons Bedding Takes Decisive Actions to Strengthen Financial Position and Drive Long-Term Growth

Commences Voluntary Pre-Arranged Chapter 11 Proceedings to Deleverage Balance Sheet

Service to Retail Customers and Sleepers Continuing as Usual and Will Be Unaffected by Chapter 11 Proceedings

Serta Simmons Bedding, LLC ("SSB" or the "company"), one of the leading global sleep companies, today announced that the company is taking steps to strengthen its financial position as it continues to support long-term growth.

SSB has entered into a Restructuring Support Agreement with key financial stakeholders that will significantly reduce the company's debt and enable the company to continue making critical investments in its business and brands. To implement the restructuring contemplated by the agreement, most of SSB's U.S. corporate entities have initiated a voluntary pre-arranged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.

The company is operating as normal and is serving retail partners and sleepers as usual. SSB's manufacturing facilities are fulfilling orders, and the company is continuing to work with suppliers and vendors in the ordinary course of business. SSB also has meaningful launches planned for this year from Serta and Beautyrest.