From Home Furnishing Business
Latex Foam International Files Chapter 11
2014 by in Bankruptcy, Bedding, Industry, Product
Latex Foam lists its liabilities at about $29 million and its assets at $26 million. A court date has been set for Wednesday during which initial motions, including debtor-in-possession financing arrangements, are expected to be approved.
The company, which owns Latex International and bedding supplier Pure LatexBliss, said the filing will allow it to restructure its business to better service customers, work with vendors and provide for its employees.
“This move is an opportunity to solidify Latex International’s position as the leading manufacturer in the category," said David Fisher, president and CEO. "The restructuring along with a new infusion of capital will strengthen our current business and position the company for dynamic future growth."
The company said there will be no disruption of service to its customers, and it aims to exit the Chapter 11 process expeditiously.
The Shelton, Conn.-based company employs about 176 people in Connecticut.