Mattress guild files Chapter 7 bankruptcy. Carolina Mattress Guild Inc. was held up as an example of a great American manufacturing company. It was held up as proof that America could compete with countries who make things with cheap labor. It appeared to everyone the company was flying high. Looks can be deceiving. Behind the scenes the company was facing problems. It had to go see a bankruptcy lawyer. The result was the company has filed a Chapter 7 bankruptcy case. In the bankruptcy filing, the company listed $1.7 million in assets. It owes $5.93 million in debts. The signs of failure were visible to others. The company ran a factory in Orlando that made the mattresses. In July, the company sold that factory to a large retail customer. The company stated it planned to open a new factory in the Northeast United States. That plan never came to pass. The county in North Carolina, Davidson, where the company is located cannot believe the news either. The county was working with the company on expansion plans in 2013. The company pulled the plug on the project at the last moment. The company is family owned. It has been in business for twenty three years. This is really bad news for the employees who worked at the company. 77 employees were listed as unsecured creditors in the bankruptcy filing. They are owed $51,149 in back wages. It appears they will receive nothing in the Chapter 7 bankruptcy filing. They are not only losing their jobs. They will not be paid for hours they already worked. This is the latest sad case of our tough economy. A long running family business could no longer make it. Debts kept growing. Finally only one choice was available to escape the debt. Visit a local bankruptcy attorney and file a Chapter 7 bankruptcy case.
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