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Atlanta retailer Mattress King in Chapter 11

10-store chain owes unsecured creditors about $1.6 million

Larry Thomas -- Furniture Today, January 6, 2010

ATLANTA — Mattress King, a 10-store bedding specialty retailer, has filed for Chapter 11 bankruptcy protection here.

The retailer, which is based in nearby Norcross, Ga., listed assets of $313,000 and liabilities of $2.1 million.

Documents filed with U.S. Bankruptcy Court show that unsecured creditors are owed about $1.6 million.

The largest home furnishings industry creditor is Fraenkel Co., an importer and producer of case goods, upholstery and bedding that is owed $189,000.

Other home furnishings creditors, and the amounts owed, include Simmons, $91,323; Comfort Solutions licensee Dixie Bedding, $61,633; Sealy, $34,317; and Hooker Furniture, $5,375.

According to court documents, the largest unsecured creditor is CEO Gloria Harrell, who is owed $381,795. Harrell and her husband, Gary, each own 40% of the company's stock.

The retailer's stores are in the Atlanta area. Several bedding retailers operate under the Mattress King name in other markets, but they are not affected by the bankruptcy filing.

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Mattress King files Ch. 11

Jan 11, 2010

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