WEST LONG BRANCH, N.J.–Michael Fux will become chief executive officer of Sleep Innovations, the bedding producer he founded, when it emerges from Chapter 11 bankruptcy protection.
According to a statement issued this morning, Fux will also become a part owner of the company and will provide additional liquidity as it emerges from Chapter 11. Fux founded Sleep Innovations—which produces memory foam mattresses, pillows and mattress toppers—in 1996, and sold it to investors in 2005. The company filed for Chapter 11 bankruptcy protection on Oct. 3.
The statement also said Sleep Innovations filed a plan of reorganization with the bankruptcy court on Nov. 26. The company should emerge from Chapter 11 during the first quarter of 2009.