A bedding specialty retailer based in Syracuse, NY, filed for Chapter 11 bankruptcy protection on September 4, 2024.
Photo: Dreamstime.
The company, Metro Mattress Corp., which operates 69 stores across five states, is seeking to reorganize its operations primarily due to challenges associated with its recent expansion and a downturn in the industry.
The retailer plans to focus on its core market in New York and exit from other markets, including New England.
In the bankruptcy filing, Metro Mattress reported assets between $1 million and $10 million and liabilities ranging from $10 million to $50 million, with approximately 100 to 199 creditors involved.
The restructuring process will help Metro Mattress to reorganize its business model, focusing on its strengths and aiming for a more resilient future.
Source: www.furnituretoday.com