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.
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.”
