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Sleep Innovations Updates Chapter 11 Progress, Fux Returns
December 11,
2008 by in UnCategorized 
By Home Furnishings Business in on December 12, 2008
Sleep Innovations, a manufacturer of memory foam mattresses and sleep products, announced Thursday that it expects to emerge from Chapter 11 during the middle of the first quarter of 2009 after filing its plan of reorganization in late November.
The company, based in West Long Branch, N.J., also announced that company founder Michael Fux will return to resume his role as CEO upon the company's emergence from Chapter 11. Fux, who founded the company in 1996 and sold it to investors in 2005, will become part owner and provide additional liquidity.
The company said it will emerge from Chapter 11 without using all of the debtor-in-possession financing made available to it. In a statement, officials said strong relationships with suppliers and customers, along with the support of lenders, has enabled the company to stay on or ahead of its Chapter 11 plan. The company, which makes its products in the United States, supplies retailers such as Costco, Sam's Club, Wal-Mart and Sears.