Serta Simmons Said to Plan Bankruptcy, Giving Creditors Control

Serta Simmons Bedding is preparing to seek bankruptcy protection as soon as January, according to people with knowledge of the situation.

The closely held mattress manufacturer has been in confidential talks with its creditors over a restructuring plan, which may involve giving control to certain first-lien lenders, said the people, who asked not to be identified because the matter is private.

Talks are ongoing and plans could change, the people added. It isn’t yet clear if the company needs financing to fund its operations through Chapter 11, they said.

A spokesperson for majority private equity owner Advent International declined to ...