Mattress store owner files for Chapter 11
Gallery Corp., owner of 52 mattress and bedding stores in Southern California, has filed for bankruptcy protection.
The Los Angeles-based company listed debts of $20 million and assets of $15 million in a Chapter 11 filing Thursday in U.S. Bankruptcy Court in Wilmington, Del.
Gallery, the operator of Mattress Gallery stores, blamed the filing on a decline in the housing market and increases in wholesale prices by manufacturers.
Gallery received a commitment from Ortho Mattress Inc. to buy all the capital stock of the reorganized company.
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