FILING INCLUDES PROPOSED ACQUISITION BY BLUE TORCH FINANCE
DALLAS, June 25, 2022 /PRNewswire/ — Corsicana Mattress Firm and sure of its affiliated entities filed for voluntary reorganization at present underneath Chapter 11 of the U.S. Chapter Code within the Northern District of Texas in Fort Price. The submitting indicated that Corsicana will probably be submitting a proposed asset buy settlement with an affiliate of Blue Torch Finance, LLC to accumulate the Firm’s property via a court-supervised public sale and sale course of underneath part 363 of the Chapter Code. The proposed transaction is topic to Courtroom approval.
In reference to the proposed sale transaction, Corsicana has obtained a dedication for debtor-in-possession financing from Blue Torch. Upon Courtroom approval, the brand new financing, along with money generated from the Firm’s ongoing operations, is anticipated to allow the mattress firm to proceed working as regular and proceed to take care of its excessive requirements of high quality and customer support. The Firm has sought approval to remit worker pay and proceed sure Courtroom-approved profit packages uninterrupted.
“The Chapter 11 course of permits Corsicana to speed up its re-focus on core clients, renegotiate agreements, flatten our group and drive better effectivity in all features of our operations,” stated CEO Eric Rhea. “Our core dedication is to serve our valued clients seamlessly, keep partnerships with key suppliers and function with integrity. Because of this, we are going to ship high-quality sleep merchandise coast-to-coast to on a regular basis Individuals, handcrafted within the USA for the very best value—making certain the Corsicana enterprise will probably be robust for an additional 50 years.”
For extra details about Corsicana’s Chapter 11 case, please go to www.donlinrecano.com/corsicana.
Based in 1971 in Corsicana, Texas, Corsicana Mattress operates ten factories throughout the nation and has grow to be one of many mattress {industry}’s largest producers. The Firm provides a full vary of promotional and step-up merchandise that function the newest in sleep expertise, together with innerspring, reminiscence foam and hybrid fashions. The Firm additionally has mattress-in-a-box packages that simplify supply. In 2021, Corsicana acquired Richmond, Virginia-based Image Mattress, creating the nation’s largest manufacturing group serving customers trying to buy mattresses for underneath $3,000. Corsicana leverages its nationwide manufacturing presence to supply industry-leading high quality, worth, supply, and customer support. To be taught extra, go to https://www.corsicanamattress.com.
Contact: Kimberley Wray, [email protected]
SOURCE Corsicana Mattress Firm
