Spring Air Loses Its Bounce?
Mattress maker Spring Air is expected to cease operations within the next few days, according to a report in Furniture Today. peHUB has learned that the move would come after company management failed to reach a buyout agreement with Riverside Company, which had been in talks to acquire Spring Air from current sponsors H.I.G. Capital and American Capital. It's unclear exactly what caused the deal breakdown, although one source says the conflicts were related to demands being made by creditors like components maker Leggett & Platt. Also unclear if the failure of a buyout could lead to some sort of bankruptcy filing. This last issue gets even tricker when one looks at an April 22 article from Furniture Today, in which Spring Air CEO Steve Cumbow said:
