Sleepy’s Reawakening Rockaway Bedding

July 12, 2007  by in UnCategorized   

By Home Furnishings Business in Bedding on July 2007 Rockaway Bedding, Randolph, N.J., has been acquired by the 450-store Sleepy’s chain, Bethpage, N.Y. which plans to re-open 134 locations as part of a deal that was approved by a New Jersey bankruptcy court judge Wednesday, according to a press release and news reports. The announcement was made by Hudson Capital Partners, which teamed with Sleepy’s in a joint venture for the purchase.

By acquiring its long-time Northeast competitor, Sleepy’s will build its presence in New Jersey and additional states in the Mid-Atlantic region. Press reports put the purchase price at $12 million, but said the final figure could be adjusted based on inventory levels. In its announcement, Hudson Capital announced that liquidation sales will begin today at 64 Rockaway stores that will be closed following the sale five-week sale. “We are liquidating $20 million worth of merchandise from well-known bed furniture brands said,” Jim Schaye, president and CEO of Hudson Capital, Newton, Mass.. “This is a great opportunity for consumers.”

Rockaway, which operated more than 180 stores in seven states, filed for bankruptcy in April, saying it owed unsecured creditors about $12.7 million.