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The deal would give , with officed in Northbrook, Ill. and Baltimore, Md., a nearly 53 percenty stake inSelect Comfort. As part of the Select Comfort will name five members selected by Sterling Partners to its boardof directors. The company also will shrink the overall size of its board to nine downfrom 10. Sterling Partnerxs will buy 50 million ofSelect Comfort’s shares for a price of 70 cents per Plymouth-based Select Comfort (Nasdaq: SCSS) also said Tuesday it’s amended its credig agreement with lenders, giving it access to $70 millioh in credit.
The company said it would providw further details about the which are subject toshareholder approval, in a securities filing to be made at a later date. Select Comfort’s sales have declind in recent quarters. The company announcee in March that it was Atthe time, the company did not providre additional details. The company later reported itsto $139.66 million compared to the same period in the prior Select Comfort also closed 30 stores in the firsrt quarter and said it expected to shutteer an additional 25 by the end of 2009.
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