Gallery Corp. asset sale cleared
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Gallery Corp., the bankrupt owner of 52 mattress and bedding stores in Southern California, won court approval of a sale of its assets for $7.1 million.
A bankruptcy judge approved the sale to OMG Acquisition Corp., which won the right to buy the assets when no other bids were received. The OMG purchase consists of $7.1 million plus assumption of specified debt, according to court papers.
Los Angeles-based Gallery, the operator of Mattress Gallery stores, sought bankruptcy protection Nov. 1. It listed assets of $15 million and debt of $20 million.
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