Canadian King Koil licensee for sale
Bedford Furniture Inds. ‘looking for equity'
Michael Knell -- Furniture Today, June 15, 2009
TORONTO — Bedford Furniture Inds., the Canadian licensee for the King Koil mattress brand, is up for sale."We're looking for equity," General Manager Larry Lewis said. "We're looking for someone to take the bank's position over."
The transaction is being handled by R.M.S. Richter, the Montreal-headquartered accounting and management consulting firm. Prospective investors will be provided with detailed information about the company over the coming weeks.
Bedford, which operates factories in Toronto and Calgary, hasn't been immune to the downturn which began to be felt in earnest last fall, Lewis said. "We're still delivering to our customers but business isn't where it should be," he said.
Currently, production workers are working four days a week, with wages for the fifth day covered under a negotiated arrangement with the Canadian government's Employment Insurance program.
The 51-year-old company counts Sears Canada, Leon's, The Brick and Lastman's Bad Boy among its major retail accounts. It also is an approved supplier to Cantrex, Home Furniture and Mega Group.
In Quebec, King Koil mattresses are produced by the Laval-based Mirabel Mattress.
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Bedford, a King Koil licensee, up for sale
Jun 22, 2009
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