Richmond, Virginia. On February 19, 2010, locally based sleep shop chain Mattress King received U.S. Bankruptcy Court permission to liquidate its remaining six stores.
The chain is owned by Anil K. “Neal” Gulati. Gulati built the Richmond-area chain from a single store in 1981 to 25 locations in 2005. The company filed for Chapter 11 protection in January 2009.
U.S. Bankruptcy Court Judge Douglas O. Tice, Jr. gave the retailer 150 days to sell off inventory. Money generated from sales will go toward paying Mattress King’s creditors. The company listed $3.2 million in liabilities when it filed for Chapter 11 bankruptcy.