After Chapter 11 bankruptcy, furniture chain closes all stores

Core Insights - Metro Mattress Corp. filed for Chapter 11 bankruptcy on September 4, 2024, due to inability to sustain operations after failing to secure a buyer and running out of funds [3][6] - The company has assets of less than $9 million and liabilities exceeding $23 million, with approximately 100 to 199 creditors [6] - The largest creditor is Tempur-Pedic, owed nearly $2 million [6] Company Overview - Metro Mattress has been in operation since 1978, focusing on providing high-quality mattresses at a tremendous value [5] - The company is recognized as the leading mattress retailer in New York state, with plans to expand into Connecticut, New Hampshire, and Massachusetts [6][7] - Prior to bankruptcy, Metro Mattress aimed to close about 30 stores to concentrate on the remaining 40 locations [2] Bankruptcy Plan - The bankruptcy plan included efforts to find a buyer and a list of desired outcomes, but ultimately failed to materialize [2][3] - The company indicated that it could no longer cover advertising and post-petition expenses, leading to the court filing [3]