"All of McIlhenny Company and the McIlhenny and Avery families are deeply saddened by this news, " Tony Simmons, president of McIlhenny Company, said in a statement Sunday.
The stock was halved earlier this year after the company cut its full-year outlook, citing increased competition from rivals Simmons Bedding and Serta.
Speaking at Design Day 2013, Wolff Olins creative director Todd Simmons and Windows Phone design studio manager Albert Shum talked about the challenges of rebranding a company like Microsoft.
One such company Lockheed Corporation is under assault from an individual, Harold Simmons, whose previous hostile takeovers have done serious violence to the financial health and productivity of his corporate victims.