1800mattress.com Sells For $25 Million

Posted by slone on June 27th, 2009 at 11:15pm

The sale of 1800mattress.com to Sleepy’s was recently approved by a U.S. Bankruptcy Court. In the ruling a bid from Sleepy’s was declared the best offer and highest bid at $25 million. The court also allowed Sleepy’s to reject two franchise agreements that 1800mattress.com had.

An independent review confirmed that the allowed rejection of the franchise agreements served to benefit the estate. The bid from Sleepy was substantial enough to allow the unsecured creditors to receive payment for 85 percent of what they were owed when 1800mattress.com filed for bankruptcy protection in March.

Sleepy’s was ranked at number eleven on the Furniture/Today’s recent Top 100 U.S. furniture stores. The company has indicated plans to close all of the remaining 1800mattress stores and keep the headquarters and warehouse in Long Island city.

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