Dormia to Hold $4 Million Bankruptcy Liquidation Sale.Major Bedding Producer to Close Stores But Maintain Manufacturing Operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. Following Sale JESSUP, Md. -- Dormia, a leading mattress retailer and manufacturer with 20 stores across the Central and Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , will conduct a court ordered liquidation sale liquidation sale liquid (US) n → Verkauf m wegen Geschäftsaufgabe beginning Thursday, July 3. The company filed for Chapter 11 bankruptcy protection earlier this year and the court selected Hudson Capital Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to manage the store liquidations. Inventory valued at approximately $4.3 million will be liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. at below-market prices in a sale that is expected to last approximately 10 weeks. Merchandise to be sold will include a wide range of high quality mattresses, pillows, bed covers and other bedding accessories. The liquidation sale will involve all 20 Dormia locations in 9 states (see store list attached). Following the liquidation of the stores, Dormia will continue to manufacture bedding products for sale by other retailers, but will no longer have any store locations. "Dormia is a top-tier, well-respected bedding brand and this sale provides a great opportunity for consumers to acquire these quality products at a substantial discount," said Jim Schaye, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hudson Capital Partners. Dormia manufactures its products in a world class 110,000 square foot facility located in Jessup, MD. It is one of the most modern factories dedicated exclusively to latex and memory foam Memory foam is made from polyurethane with additional chemicals that add to its viscosity level, thereby increasing its density. It is often referred to as visco-elastic polyurethane foam. mattresses. Dormia products are engineered for quality by skilled craftsmen; their ultimate goal, to blend the finest materials into each and every mattress they build. As a whole, Dormia is recognized as an industry. Dormia's liquidation sale follows last week's announcement that The Room Source, a moderately-priced furniture chain, has filed for Chapter 11 and will conduct a court-ordered bankruptcy liquidation sale managed by The High Point Group and Hudson Capital Partners. About Dormia Dormia Inc., headquartered in Jessup, Maryland Jessup (pronounced JESS-up) is an unincorporated town and census-designated place in Howard County, Maryland and Anne Arundel County, Maryland. The population was 7,865 at the 2000 census. The center of population of Maryland is located in Jessup [1]. , was formed when Advanced Comfort, Inc., founded in 1991, a mattress retailer dedicated to selling mattresses that ensure longer lasting sleep, purchased the assets of Classic Corporation, founded in 1971. Classic was one of the leading manufacturers of specialty sleep products and in 1985 was publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . About Hudson Capital Partners, LLC Hudson Capital Partners, LLC offers an extensive array of professional solutions to the challenges retailers face today, including management of excess, obsolete and discontinued inventory, changing geographic and demographic circumstances, unproductive store sites, and real estate and liquidity issues. The firm's diversified staff is experienced at performing strategic store closings and relocations, fixed asset dispositions, wholesale inventory buyouts and lease mitigations. To learn more about Hudson Capital Partners, please visit www.hudsoncpl.com. [TABLE OMITTED] |
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