August 5, 2010
Kelley Drye has been retained to represent the Official Committee of Unsecured Creditors of Jennifer Convertibles, Inc., and certain of its affiliates.
On July 18, 2010, Jennifer Convertibles filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. At the first meeting of creditors on July 23, 2010, the nine-member Committee selected Kelley Drye as its bankruptcy counsel, led by James S. Carr and Eric R. Wilson.
Headquartered in Woodbury, New York, the Debtors own and operate 130 sofa bed retail stores throughout the United States under the Jennifer Convertibles™ and Jennifer Leather™ names. In addition, the Debtors operate seven big box, full-line furniture stores under the Ashley Furniture HomeStore Brand pursuant to a license agreement with Ashley Furniture Industries, Inc.
The Debtors have proposed a restructuring involving a debt for equity swap with their largest supplier. The Kelley Drye team will be working with the Committee, the Debtors and other parties in interest to ensure a maximum return to unsecured creditors.
The Kelley Drye professionals handling the Jennifer Convertibles case include partners James S. Carr and Eric R. Wilson, associate Jason R. Adams, and paralegal Marie Vicinanza.