Mattress Matters Files For Bankruptcy Petition

by San Antonio Attorney

Cleveland based company, Mattress Matters, recently filed for Chapter 11 protection in the court of Northern District of Ohio, according to documents filed with the U.S.  Bankruptcy Court.  Further details about the bankruptcy filings are classified as of the moment.

Mattress Matters was established in 2001 and was conveniently based in Cleveland, Ohio.  The company profile is classified as a mattress and other related accessories’ retailer.  Mattress Matters also offers well-known brands such as Sealy, Serta, Simmons and Tempur-pedic.  The company has auxiliary branches that can render service to customers through their 16 stores and an easy online access to their website-based shop.

The gross income was $9,800,000 from the total sales last 2013.  This income decreased to $7,500,000, reaching a steady decline last 2014.  The present company income is currently at $4,947,026 for the year 2015.  Mattress Matters has an ongoing civil suit indicted against former employee and controller Geno Trunzo, for charges of conversion and embezzlement.  This was an attempt to recover $1,150,000, which was involved in stolen funds.

The company’s petition presents a total asset of $1,028,257 all credited in personal property.  What consists of the total amount is $883,692 is the mattress and its respective accessory inventory.  The documents declare $1,571,734 in liabilities with another $286,442 in a secured claim.  A huge amount of $1,285,292 was considered an unsecure non priority claim.

These declarations are now in care of the State of Ohio Dept.  of Taxation.  Sole proprietor and company President, Joseph Amato, who also bears a shareholder loan of $414,400, is one of the creditors holding the largest unsecured claims.  Other companies include Southerland, Inc.  with a loan of $243,917 and Restonic with $91,405.  Mattress Matters will be represented by Richard H.  Nemeth of Nemeth & Associates throughout bankruptcy proceedings.

 

Leave a Comment

Previous post:

Next post: