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RANDOLPH, NJ-Rockaway Bedding is set to liquidate 64 stores, and more than 130 other units will be reopened under the banner of rival bedding chain Sleepy’s. The move follows US Bankruptcy Court approval this week of the sale of Rockaway Bedding to a joint venture of Sleepy’s and Hudson Capital Partners for $12 million. Most of the proceeds of that sale will go to PNC Bank, Rockaway’s lender, and the rest to landlords, owed nearly $4 million by the failing chain.

And the Newton, MA-based Hudson Capital Partners will conduct the 64-store liquidation sale. That sale is slated to begin this week and is expected to continue until the end of August. The stores involved are in New York, New Jersey, Pennsylvania and Delaware. Once the sale is complete, the 64 stores will be shuttered.

“We are liquidating $20 million worth of merchandise from well-known brands,” says Jim Schaye, president and CEO of Hudson Capital. “This is a great opportunity for consumers, as they will be getting a number of leading brand names, such as Sealy, Simmons, Sterns and Foster and Serta, among others, at a discount of up to 60% off.”

Judge Donald H. Steckroth of the US Bankruptcy Court in Newark, NJ gave his approval to the proceedings earlier this week. Rockaway Bedding had filed for bankruptcy in April after losing money for the past three years, coupled with being unable to get out of leases at unprofitable stores that it had attempted to close.

The 134 soon-to-be-former Rockaway Bedding stores will be folded into a Sleepy’s chain that already numbers more than 450 stores in eight states. Sleepy’s is based in Bethpage, NY.

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