BUSINESS

Simmons' Bankruptcy Means Big Profits For Buyout Firms

03/18/2010 05:12 am ET | Updated May 25, 2011

Simmons says it will soon file for bankruptcy protection, as part of an agreement by its current owners to sell the company -- the seventh time it has been sold in a little more than two decades -- all after being owned for short periods by a parade of different investment groups, known as private equity firms, which try to buy undervalued companies, mostly with borrowed money.

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