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

Simmons' Bankruptcy Means Big Profits For Buyout Firms

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.