NEWARK, N.J.–Sleepy’s, the Bethpage, N.Y.-based bedding retail chain, is acquiring Rockaway Bedding, its rival in the Northeast.
According to a filing in New Jersey Bankruptcy Court here, Sleepy’s and its joint-venture partner, Hudson Capital Partners, will pay $12 million to purchase assets of Rockaway Bedding, which has been under Chapter 11 bankruptcy protection since early April. The assets include the 143 Rockaway Bedding stores, which are located in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Maryland and Virginia; and the company’s warehouse in Randolph, N.J.
The filing said the closing of the deal should occur on or before July 17.