Clint Engel
\nRANDOLPH, N.J. \u00e2\u20ac\u201d Top 100 company Rockaway Bedding has filed for Chapter 11 bankruptcy
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\nprotection with debts to its top industry creditors of more than $8.4 million.<\/p>\n
The Randolph, N.J.-based retailer, with 185 stores and an estimated $143 million in sales last year, filed for protection Monday in U.S. Bankruptcy Court in Newark, N.J., listing assets and debts each in the $1 million to $100 million range.<\/p>\n
According to court documents, its largest unsecured creditors are Tempur-Pedic, with a claim of $2.1 million; Sealy and its Stearns & Foster brand, owed nearly $1.8 million combined; and Simmons, owned $1.6 million<\/p>\n
A man answering Rockaway President William Paladini\u00e2\u20ac\u2122s phone said Paladini no longer works there. He refused to identify himself or comment further. CEO Anthony Licastro could not be reached for comment.<\/p>\n
William Katchen, a bankruptcy attorney for the retailer, told the Newark Star-Ledger that Rockaway will continue normal operations as it works to reorganize. He said the reorganization will involve closing unprofitable stores with expensive leases, although none in New Jersey.<\/p>\n
\u00e2\u20ac\u0153We\u00e2\u20ac\u2122re here, we\u00e2\u20ac\u2122re staying here. That\u00e2\u20ac\u2122s our core,\u00e2\u20ac\u009d the paper reported Katchen saying. \u00e2\u20ac\u0153The New Jersey market is a keeper for us.\u00e2\u20ac\u009d<\/p>\n
Rockaway also has stores in New York, Pennsylvania, Delaware, Connecticut, Maryland and Virginia.<\/p>\n
Katchen told the Star-Ledger that factors leading to the filing included unprofitable operations and a weak economy.<\/p>\n
Here\u00e2\u20ac\u2122s a list of Rockaway Bedding\u00e2\u20ac\u2122s largest unsecured industry creditors and their claims, according to bankruptcy documents filed by the retailer.<\/p>\n
Tempur-Pedic, $2,103,513
\nSimmons, $1,619,322
\nSealy, $1,203,468
\nSerta, $844,786
\nStearns & Foster, $592,778
\nFashion Bed Group, $581,268
\nUnited Sleep Products, $540,404
\nKing Koil, $536,985
\nComfort Solutions by King Koil, $265,846
\nExcel Bedding, $158,538<\/p>\n","protected":false},"excerpt":{"rendered":"
Clint Engel RANDOLPH, N.J. \u00e2\u20ac\u201d Top 100 company Rockaway Bedding has filed for Chapter 11 bankruptcy<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-3723","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=3723"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3723\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=3723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=3723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=3723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}