Select Comfort Closing 55 Stores In 2009

Posted by MCC on March 24th, 2009 at 11:50pm

With stocks trading at below a dollar in recent weeks, Select Comfort has announced the closing of at least 55 stores this year. The bedding manufacturer was among the first companies that began to feel the sting of nervous consumers who are no longer able to make high ticket purchases.

The company ended the fourth quarter with sales that had plunged 31 percent resulting in over $57 million in losses. At the same time last year, the company ended the same quarter with $2.2 million in profits.

Select Comfort CEO, Bill Mc Laughlin said that he is focusing on preserving cash, reducing costs and reigniting interest in the Sleep Number brand. But, the first quarter ended with the companies cash slumping to $13 million and outstanding debts of over $80 million!

Under Furniture News