>>
Home / Knowledge / News / Textiles / Select Comfort negotiates new $10 mn Sterling Partners investment

Select Comfort negotiates new $10 mn Sterling Partners investment

06
Oct '09
Select Comfort Corporation announced it terminated the Securities Purchase Agreement entered into with Sterling Partners on May 22, 2009, and entered into a new Securities Purchase Agreement. As part of the termination agreement, both companies mutually released claims relating to the original agreement.

Under terms of the new Securities Purchase Agreement, Sterling Partners has the right through June 2010 to invest $10.0 million in exchange for 2.5 million shares of the company's common stock priced at $4.00 per share and warrants to purchase two million shares of the company's common stock at an exercise price of $0.01 per share. Select Comfort can require the investment upon securing an acceptable extended credit agreement from its lenders. With the close of the investment and exercise of the warrants, Sterling Partners will own approximately 8.9 percent of the company's common stock.

“This agreement positions us to pursue additional capital, which combined with the Sterling investment, will strengthen our financial position and increase our financial flexibility,” said Bill McLaughlin, president and CEO, Select Comfort Corporation. “In addition to exploring additional financing alternatives for the company, we continue to negotiate with our lenders to secure a permanent financing agreement.”

The termination date of the current credit agreement is June 9, 2010, with the most recent waiver the company is operating under in effect until October 13, 2009.

Select Comfort also stated that sales trends continue to improve, with positive same-store sales growth during August and September. Cost and cash controls implemented during the past 18 months remain in place and continue to be effective. The company anticipates that its third-quarter results will include one-time charges ranging from $3.0 million to $5.0 million associated with the original Securities Purchase Agreement and its termination.

Founded more than 20 years ago, Select Comfort was ranked the no. 1 bedding retailer in the United States for nine years running.1 Based in Minneapolis, the company designs, manufactures, markets and supports a line of adjustable-firmness mattresses featuring air-chamber technology, branded the Sleep Number bed, as well as foundations and bedding accessories.

Select Comfort Corporation


Must ReadView All

Pic: Dreamstime.com

Apparel/Garments | On 22nd Jan 2022

Dhaka, Berlin sign €20.15-mn pact to improve RMG workers conditions

Bangladesh and Germany have signed an agreement to support five...

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2022

UKVFTA brings positive results to bilateral trade: Vietnamese ministry

The recently effective UK-Vietnam FTA has led to positive outcomes,...

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2022

Cambodia approves new projects worth $1.9 bn, including 2 garment ones

The Council for the Development of Cambodia has approved 10 projects...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Hopeful that issue will be resolved by first half of 2022

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

K Madhavan,

K Madhavan

Established in 2005 by P Manjunath, Peps is India's largest inner spring...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Tchibo GmbH
Maceton Limited
Lisa S.P.A.
KIABI
C;&A Sourcing International Ltd
Phong Phu international JSC (PPJ)
Lululemon Athletica Inc
Bluestem Global Sourcing Limited
BIMBA ;& LOLA SL
The LYCRA Company Singapore  Pte. Ltd
Target Corporation (MN)
Tory Burch Hong Kong Ltd
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
TESCO INTERNATIONAL SOURCING LIMITED
Under Armour Global Sourcing Ltd
Sateri (Jiujiang) Fiber Co.,Ltd
International Textile Manufacturers Federation
LC Waikiki
Tommy Hilfiger
Chico’ FAS
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Asos
Reiter India Private Limited
Lacoste (Wanchai)
Eastman Chemical Company
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Gloria Jeans
Gap International Sourcing Limited
T.T. Limited
Puma
PVH Corporation
Lenzing Aktiengesellschaft
Amazon China
Decathlon
Hela Clothing Pvt Ltd
IKEA of Sweden AB
Permoda(Koaj/Armi/Pronto/Bkul)
Helly Hansen Far East Ltd
Benetton Group
Restoque S.A.
Hirdaramani International Export Private Limited
Alix Partners
OVS Hong Kong Sourcing Ltd.
SYNERGIES HONG KONG LIMITED
MAS Active / MAS Kreeda / MAS Bodyline
Vianney Textil Hogar S.A. De C.V.
Sportswear Company Spa
Midas Clothing Limited
Cat Tuong Real Estate Group Joint Stock Company
H;&M Hennes ;& Mauritz (Far East) Ltd
Page Industries Limited (Bangalore)
Varner AS Retail
Grasim Industries Limited
Rayonese Textile Inc., Division de Culp Inc.
Rosset ;& Cia Limited
Splash
Boardriders Asia Sourcing Limited
Desigual - ABASIC, S.A.
Guess Europe Sagl,
Brandix Lanka Limited
BIANCA
Chori Company Limited
Gokaldas Exports Limited
Huntsman (Singapore) Pte Ltd
G-Star Raw C.V.
Lifestyle
Green Fibre
Sainsbury's Argos Asia Limited
John Varvatos
Seasalt Limited
The Top Form Brassiere Manufacturing Company Limited
SHAHI Exports Pvt Ltd
Abit
Truetzschler India Private Limited
Aramark Uniform ;& Career Apparel, LLC
THE BOMBAY DYEING ;& MFG.CO. LTD
J ;& P Coats
IDH – The Sustainable Trade Initiative
Aquarelle Clothing Limited
Calvin Klein
Etam Group Strategy Hong Kong Limited
Babyshop
NITI Aayog
Walmart
KAS Direct Sourcing
Groz-Beckert East Asia LLP
Recron Polyester from Reliance Industries Limited
Arvind Limited
Landmark Group
Sportmaster Ltd.

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search