Select Comfort delaying release of earnings report
By Furniture Today Staff -- Furniture Today, March 9, 2009
MINNEAPOLIS — Mattress manufacturer and retailer Select Comfort said it will delay the release of its fourth-quarter earnings report while it explores new financing options.
The company, which makes the Sleep Number airbed, also said it has amended its credit agreement so that a scheduled reduction of its revolving credit line won't take place.
Select Comfort said the credit line was scheduled to be reduced from $90 million to $85 million on March 1, but the reduction has been pushed back to March 31. The amended agreement also waives two financial covenants until that date.
The delay will give the company time to explore “a range of strategic and financing alternatives to enhance its financial flexibility,” Select Comfort said in a statement.
The company had been scheduled to release its fourth-quarter and full-year results on March 4. It did not specify a new date.
Select Comfort gets the bulk of its sales from a network of about 450 company-owned retail stores.
