RANDOLPH, N.J. \u00e2\u20ac\u201d A U.S. bankruptcy court judge has approved the sale of most of Rockaway Bedding\u00e2\u20ac\u2122s assets to Sleepy\u00e2\u20ac\u2122s and Hudson Capital Partners.<\/p>\n
Adam Blank, executive vice president and general counsel for 458-store Sleepy\u00e2\u20ac\u2122s, confirmed today that the judge approved a $12 million deal to buy nearly all of Rockaway\u00e2\u20ac\u2122s assets, including 134 store leases and a main warehouse, after no other bidders emerged. The price is adjustable based on Rockaway\u00e2\u20ac\u2122s inventory levels, he said.
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\n According to earlier court documents, Sleepy\u00e2\u20ac\u2122s and Hudson bid \u00e2\u20ac\u0153up to $12 million\u00e2\u20ac\u009d for the assets \u00e2\u20ac\u201d less than the $15 million to $20 million previously reported. A list of stores in the asset purchase agreement also had included a plan to liquidate about 65 stores, primarily in New Jersey and New York.<\/p>\n
Blank declined to comment on Sleepy\u00e2\u20ac\u2122s plans for the Rockaway stores.<\/p>\n
William Katchen, an attorney representing Rockaway, told the Newark, N.J. Star-Ledger that Rockaway\u00e2\u20ac\u2122s remaining stores not covered by the deal likely will be closed. Katchen could not be reached immediately for comment.<\/p>\n
Privately held Sleepy\u00e2\u20ac\u2122s ranks No. 18 on Furniture\/Today\u00e2\u20ac\u2122s survey of Top 100 U.S. furniture stores with estimated sales last year of $455 million at 425 stores throughout the Northeast. Sales were up more than 15% from the previous year.<\/p>\n
Randolph, N.J.-based Rockaway, another Top 100 company, filed for Chapter 11 bankruptcy protection April 9, owing its top nine industry creditors more than $8.4 million. It said at the time it intended to reorganize by culling its weakest stores.<\/p>\n
According to the Star-Ledger, the bankruptcy court judge and an attorney representing unsecured creditors said those creditors \u00e2\u20ac\u0153will receive little or nothing in repayment from the Sleepy\u00e2\u20ac\u2122s sale.\u00e2\u20ac\u009d<\/p>\n
Furniture\/Today estimated Rockaway did about $143 million in sales at 185 stores last year in New York, New Jersey, Pennsylvania, Connecticut, Delaware, Maryland and Virginia.\u00c2\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
RANDOLPH, N.J. \u00e2\u20ac\u201d A U.S. bankruptcy court judge has approved the sale of most of Rockaway Bedding\u00e2\u20ac\u2122s assets to Sleepy\u00e2\u20ac\u2122s and Hudson Capital Partners. Adam Blank, executive vice president and general counsel for 458-store Sleepy\u00e2\u20ac\u2122s, confirmed today that the judge approved a $12 million deal to buy nearly all of Rockaway\u00e2\u20ac\u2122s assets, including 134 store […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4397","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4397","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=4397"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4397\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}