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From Home Furnishing Business

Purple Updates Production Status

Online mattress producer Purple Innovation, Inc. (NASDAQ: PRPL) has announced an update on the status of its production levels.

Purple previously announced that following an accident and resulting safety improvements involving its Mattress Max machines, the company experienced production challenges caused by unanticipated mechanical and maintenance issues encountered bringing the machines back online. The company projected to have production fully back online by mid-July after approximately 10 weeks of significantly reduced production levels, resulting in shipment backlogs that would impact both second and third quarter revenue. 

"I am incredibly proud with the work we've done to continue to create a safer operating environment in our manufacturing facilities," said Joe Megibow, CEO. "Over the past several weeks, our team has made significant progress towards restoring our production to full capacity. The isolated manufacturing challenges exhibited across the Mattress Max machines have all been resolved, and we have ramped production levels back up to 85% to 90% of pre-incident levels. With some additional tuning we anticipate being at planned production levels in approximately one week and are aggressively hiring against these levels. We remain confident that we will be out of backlog by the end of August."

As previously announced, management anticipates providing revised full year guidance when it reports second quarter 2021 results.

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