Simmons's death --By English 110 Chen Jin

"Simmons", a synonym for spring mattress in people's memory, are suffering from bankruptcy.
The current owner of the Simmons said,"Mattress Industry has been overwhelmed by the economic crisis." However, the investment company who purchase Simmons in 2003, has about 77 million dollars of profits in their pocket now. According to the disclosure of the former president Helier who was forced to resign, none of these private equity firm prepared to long-term business brand, and their idea is how to achieve profit maximization. The world's most well-know mattress company was resold by 7 times in last 20 years, it has become the most explicit interests of the toys in the capital markets.
In 2003, Thomas H · Lee Brothers, Inc. ( "THL") used 325 million dollars acquisition of Simmons, while undertaking a 745 million dollars of corporate debt. The following year, Simmons through the issuance of corporate debt financing to THL issuing 137 million special dividend. In 2007, Simmons once again borrow 300 million dollars, of which 238 million for dividends; thus, it borrowed money of 375 million dollars, as dividends distributed to their own, it became the compensation when they used their own money to buy Simmons, and then count the money on sat. Alleged that the revenue of Simmons company during the tenure of its president is 40 million dollars. Wall Street investment banks collected profits from the debt-ridden company too. Because it helped to arrange the transaction and made these transactions possible by the sale of the bonds, they receive millions dollars in profit. In the last few years, a variety of private equity fund owners received about 750 million dollars benefits from the Simmons. This is not a coincidence. Capitalists behind the operation push the Simmons to debt-ridden step by step.,
The cold of Financial Crisis rush bedroom. After 7 times bankruptcy protection, Simmons company, the 133-year-old "cash cows" was drained the last drop of milk, then it died. The commented that,"So many people can get so much money from an insolvent company. We have to say it is a legend in the moment of the financial environment."
When we mention the "Simmons", everyone is too familiar with it. However, know that "Simmons" is not just a mattress company even a century-old shop. Know more about it is its bankruptcy what may happen to other "Simmons" tomorrow .....