Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Coronavirus
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • Japan's lacklustre PU production continued in November 2020
      PU prevents freezing damage to railway tunnels
      Huafon estimates 2020 profit will be up to 40% higher than 2019
      Construction starts for Jason Furniture plants in China and Vietnam
    • World automotive registrations recover in H2 2020
      Mlily to increase US market share following anti-dumping duties
      US footwear imports up 25% in November 2020
      Introducing UTECH Southeast Asia 2022
    • EC approves Kingspan's TeraSteel and Wetterbest purchases
      BTC Europe to distribute BASF’s polyurethane ingredients
      World automotive registrations recover in H2 2020
      Bosnian producer to invest in new PU panel factory
    • PPG buys polyurea company Versaflex
      Recticel buys FoamPartner
      Recticel upgrades Q3 outlook despite raw material tightness
      Covestro broadens PU portfolio with DSM purchase
    • Huafon estimates 2020 profit will be up to 40% higher than 2019
      Mlily to increase US market share following anti-dumping duties
      Stellar Q4 performance saves Wanhua 2020 earnings
      2020 proved fruitful for Vitafoam Nigeria
    • World automotive registrations recover in H2 2020
      Car sales down 25% in Western Europe in 2020
      Patchy coronavirus effects hit global car sales in November
      November continues fall in Western Europe's car sales
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s PU industry on the path to recovery; plans for technology upgrades
      Chinese cold chains grow bigger
      Flexible foam rises to challenges in the Middle East and Africa
      Life at the cross-roads: what does the GCC offer PU?
    • Europe's flexible foam makers face rising prices as outages hit markets
      Western European car registrations rebound slowed in September
      Western European car registrations regained some ground in August
      Western European Car registrations rebound continued in July
    • Take out the VOC with hybrid release agents
      Batteries give pultrusions power
      Seeing a way through VOC and FOG
      Aromatic polyols for simpler rigid PU formulations
    • Hennecke and Frimo: an automotive partnership
      Pushing ahead: AutoRIM drives KM’s UK growth
      BASF opens it first ‘Creation Center’ in Mumbai with a PU twist
      Persistence pays off for CTM
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
January 15, 2019 12:00 AM

Tempur Sealy funds retailer in Chapter 11

Simon Robinson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Lexington, Kentucky – Tempur Sealy is giving a $14m  cash injection to Innovative Mattress Solutions (IMS), a retailer that has taken Chapter 11 bankruptcy protection.

    The mattress maker describes the payment as debtor-in-possession financing for the company, which operates 142 stores.

    Scott-Thompson

    These operate as Sleep Outfitters, Mattress Warehouse and Mattress King in south-eastern US states.

    Tempur CEO Scott Thompson said: 'Innovative Mattress Solutions has served over a million consumers and built equity for their and our brands in their markets.

    'We believe IMS's overextended retail footprint and thin capital structure were not designed to effectively respond to the competitive pressures of the recent retail environment. This caused the unexpected need for bankruptcy protection.

    'We will review strategic alternatives  during the bankruptcy process. We will focus on what is best for Tempur Sealy consumers in the affected markets.'

    Tempur Sealy said it will fund the finance though its senior secured credit facility. This means it will not affect adjusted EBITDA in the fourth quarter of 2018. The company will make a provision of $21 m in the quarter.

    The company added that IMS accounted for less than 2% of its global net sales in 2018.

    Separately, a different retailer called Mattress Warehouse which is based in Frederick, Maryland released the following statement:

    'Mattress Warehouse (SleepHappens.com), is headquartered in Frederick, Maryland, and operates 250 + stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, West Virginia, North Carolina, and South Carolina. Mattress Warehouse, INC has absolutely no affiliation with Innovative Mattress Solutions, INC. This filing of Chapter 11 bankruptcy has no bearing on the Mattress Warehouse (sleephappens.com) organisation or their relationships with their vendors, and landlords. They have a strong financial footing with no debt and consistently growing sales.'

    Recommended for You
    Japan's lacklustre PU production continued in November 2020
    Japan's lacklustre PU production continued in November 2020
    EC approves Kingspan's TeraSteel and Wetterbest purchases
    EC approves Kingspan's TeraSteel and Wetterbest purchases
    PU prevents freezing damage to railway tunnels
    PU prevents freezing damage to railway tunnels
    Latest Issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • Coronavirus
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Issues
    • Subscribe