Mattress Discounters' bankruptcy reorganization plan became effective on March 14, allowing the retailer to emerge from Chapter 11.
The Upper Marlboro company stayed in East Coast markets but closed or sold its stories in the Midwest and in California. The company, which says it is the nation's largest mattress retailer, borrowed heavily to finance a nationwide expansion in the 1990s.
It filed for Chapter 11 in October. The company has about 100 stores, half of the total a year ago, and about 600 employees.
"We are delighted that with the support of our creditors and our employees, we have been able to complete this process in such a short time period," said chief executive Steve Newton in a statement. "Everyone in our company now wants to refocus on our real job of ensuring that we provide our customers with a good night's sleep."
Of the Rouse
Anthony W. Deering, chairman and chief executive officer of Rouse Co., said last week he had exercised options to buy Rouse stock, netting him about 100,000 shares, as of Friday, worth more than $3.4 million.
Deering also said he will begin a prearranged plan to sell as many as 100,000 of his shares and as many as another 50,000 shares owned by a family limited partnership.
While the stock sales won't decrease his ownership of the Columbia real estate company , the executive said he was trying to diversify his portfolio a bit.
"Since my family's net worth is more than 85 percent represented by investments in the Rouse company, our personal financial advisers recommended that, for estate planning purposes, some diversification was prudent," he said.