Pankaj43. Jennifer Convertibles Inc
Headquarters: Woodbury, New York
Bought By: Haining Mengnu Group Co. Ltd
Headquarters: Haining City, Jiaxing
Jennifer Convertibles Inc. first emerged in 1975 as a sofa bed manufacturer, growing to have multiple stores located in the United States. The Woodbury-based company filed for Chapter 11 in 2010 after a disastrous downturn in trading.
Haining Mengnu Group Co. Ltd had previously been a creditor, but turned into a buyer after the furniture company went bust. Instead of collecting the debt, the Group settled for 95% in common equity. At the time, Haining was owed $16.7 million by Jennifer Convertibles. Other creditors owed a substantial sum were Ashley, Klaussner, and Stratford/Caye.