American Mattress Fights Bankruptcy, Furniture Industry Struggles
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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American Mattress Fights for Survival Amid Furniture Retail Crisis
The furniture retail industry is grappling with challenges, with American Mattress in the spotlight. The Illinois-based company, which operates forty-five stores, filed for bankruptcy last July. Creditors seek to switch its case to Chapter seven liquidation due to lack of progress, unpaid debts, and ongoing cash flow issues. The company counters with a potential buyer for its assets. The furniture sales sector has seen a decline, tied closely to the housing market, which may see a rebound with more inventory and lower rates, but sales dipped again in January.
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