THOMASVILLE, N.C. — The bankruptcy trustee for Thomasville manufacturer Carolina Mattress Guild Inc. has requested permission for an emergency sale of select equipment and all raw material and inventory at two company facilities.
The company, owned by Kathy and Neal Grigg, had been in operation for 23 years before filing for Chapter 7 protection Dec. 15. The properties are at 1 Stanley Drive and 385 North Drive. A hearing on the sale request was scheduled to take place Feb. 28.
The estimated value of the assets was not disclosed. The company listed assets of $1.7 million, which includes $551,668 in accounts receivable and $1.03 million in machinery. It listed liabilities of $5.93 million, of which $3.04 million is held by secured creditors.
The Stanley Drive property is owned by Fifth Third Bank, which is attempting to sell the property and wants the Carolina Mattress assets removed.
Read full story: The Winston-Salem Journal