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Article: Judge OKs Sleepy's bid.
- Article from:
- Furniture-Today
- Article date:
- July 6, 2009
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By Larry Thomas
1800mattress.com sold for $25M
NEW YORK -- A U.S. Bankruptcy Court judge has approved the sale of bankrupt retailer 1800mattress.com to one-time rival Sleepy's for $25 million.
In ruling that the bid from Sleepy's was the "highest and best offer" received at a court-supervised auction in late May, Judge Dennis Milton also allowed Sleepy's to reject 1800mattress.com's two franchise agreements.
"The court's independent review confirms that rejection of the franchise agreements benefits the estate and that the decision to conduct an auction sale is a proper business judgment," Milton said in his 19-page ruling.
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