PALM BEACHER HENRY KRAVIS DESTROYS SEALY MATTRESS Wallstreet vulture loots company
Palm Beacher Henry Kravis destroys Sealy Mattress.........A textbook example of how corporate raiders destroy American companies has come to light. Winter Palm Beach resident Henry Kravis, who’s Wall Street vulture group KKR has destroyed many companies, has caused Sealy Mattress to lose 90% of its value, according to the second largest shareholder in the company. Since KKR bought Sealy in 2004, when it was the top mattress company in America, they have extracted over $20 million in “fees.” KKR started charging Sealy $2.1 million a year in “advisory” fees when it bought them, then charged Sealy $11 million to terminate the “Advisory Services Agreement” they had forced the company to take. Then after the CEO bolted, KKR charged $900K to do a “search” for a new CEO. How do you spend $900,000 on want ads? Today Sealy has $792 million in long term debt, has been passed by Serta and Simmons in market share for the first time since 1970, and its stock is at $1.86 a share after posting a $23 million net loss in 2011. Meanwhile Henry Kravis & his company have taken an average of at least $3 million a year from the company while piling up debt and destroying it. Think about that the next time you consider buying a ticket to the union-busting Kravis Center in WPB. I suppose when the company goes bankrupt Henry & his pals will blame it on expensive American labor costs.