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September 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Shelton’s Talalay Global has second Chapter 11 filing within six years

Latex Foam International, the Shelton-based mattress company doing business as Talalay Global, has filed for Chapter 11 bankruptcy protection for the second time in six years.

Image courtesy Talalay Global

In its Aug. 8 filing in U.S. Bankruptcy Court in Bridgeport, the company listed both assets and liabilities in the $10 million to $50 million range, adding that it owed its 20 largest unsecured creditors more than $1.6 million. The nonbank lender Entrepreneur Growth Capital has also asserted secured claims of roughly $9.3 million against the company’s assets.

The company previously filed for Chapter 11 in May 2014 and stated that its new filing on “an unanticipated shift of the mattress industry toward disruptive, lower-priced mattresses.”

Talalay Global CEO Marc Navarre issued a statement that said the new bankruptcy filing will give the company “the opportunity to restructure our balance sheet and position the company for future success.”