The company suffered financially under the successive ownership of multiple private equity firms and other private investors. The private equity owners extracted $750 million in profits out of Simmons, while the company's debt increased from $164 million in 1991 to $1.3 billion in 2009. On September 25, 2009, Simmons announced a Chapter 11 restructuring plan and signed a purchase agreement with an investor group led by Ares Management and Ontario Teachers' Pension Plan. The bankruptcy court approved the deal, reducing the company's total debt from about $1 billion to $450 million. The bankruptcy did not include subsidiaries in Canada and Puerto Rico, but those units were included in the deal with Ares Management and the Ontario Teachers' Pension Plan. Ares and the Ontario Teachers' Pension Plan were also the owners of the Serta brand name under National Bedding Company LLC. They operated Serta and Simmons Bedding as independent entities that continued to compete with one another.