U.S. bedmaker Simmons Co is expected to file for Chapter 11 bankruptcy protection under a plan where it will be sold to Ares Management LLC, a private-equity fund, and the Ontario Teachers' Pension Plan, the Wall Street Journal said, citing people familiar with the matter.

Atlanta-based Simmons, which is owned by buyout firm Thomas H. Lee Partners, will likely announce the plans later on Friday, according to the paper.

Simmons, Ares Management and Ontario Teachers' could not be immediately reached for comment by Reuters.

(Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)

Investment