Daily News: June 1, 2012

RoomStore Seeks Court Approval to Sell Mattress Discounters Stake

RoomStore Inc. is seeking permission from the U.S. Bankruptcy Court in the Eastern District of Virginia to sell off its 65% stake in Mattress Discounters, a Furniture Today article said. The company is looking to hire investment banking firm Northeast Securities to put the deal in motion by providing financial advisory and marketing services.

The article noted that RoomStore’s unsecured creditors committee supports the sale. However, Mattress Discounters CEO Ray Bojanowski may not support the sale as it was agreed previously that if RoomStore filed for bankruptcy, he would have a right to purchase the stake.

To read the Furniture Today article in its entirety, click here.

Previously on abfjournal.com:

RoomStore Finds Buyer for Ten Texas Locations, Wednesday, April 11, 2012