A bankrupt Burlington mattress company has more than $1 in debt.
7 million $510,000 for creditors against assets.
According to the initial bankruptcy filing filed by Royal mattress on Tuesday, the company\'s main secured and unsecured creditors are its owner, Philip criszefield, and his wife, Diane criszefield.
The couple was listed as having a guaranteed debt arrears of $510,000 and an unsecured debt arrears of just over $659,000.
Philip Chris zefield said yesterday that the secured debt was held by his father\'s property trust.
Joe Kriszenfeld founded the company 42 years ago and passed away in 1999.
\"Reaching an agreement with the executed person (of the estate)
We cannot jeopardize my father\'s property more than we already have.
By the time we finish, there will be a huge reduction.
\"The company\'s Burlington headquarters and six retail stores were seized and locked up by bankruptcy trustee Grant Thornton.
In the filing for bankruptcy, Royal mattress listed $460,000 in asset inventory and $50,000 in mechanical equipment.
It did not announce Accounts receivable, no cash, no bank balance, no furniture, no vehicles.
There are 73 unsecured creditors listed, including suppliers, the Ministry of Finance, a marketing company in Hamilton that owes nearly $50,000, and several newspapers including Hamilton onlookers.
The Serta mattress is listed as approximately $282,000 in arrears.
About a year ago, when Burlington closed its manufacturing branch, Serta began making mattresses for Royal mattresses.
21 others were listed as some $44,000 in arrears or rent.
Customer Doug Glover says he will hesitate to pay anything from now on.
He bought a mattress and spring box for $1,100 in June 1.
His cheque was cashed on June 4.
Glover said he began to doubt after a series of delays and excuses for his undelivered purchases.
On Wednesday, he visited the James store, where he bought the bed, but the person in the office of the bankrupt trustee told him that he could not enter the store.
\"I said they owe me a mattress and a box spring, but he said he was sorry and there was nothing he could do about it.
\"The Glover family went to the Royal mattress company because they used to be happy with the deal with the company and thought it had a good reputation.
He said he knew that companies, including giants like GM, would go bankrupt.
But he objected to a failed company cashing the check but not delivering the goods.
\"He has to know what he\'s doing,\" Glover said of Chris zefield . \".
\"He should not take our money.
Kriszenfeld said that since last fall, his sales have plunged by 30 to 50, and he has reduced costs as much as possible.
But the \"wall\" in his business soon collapsed and never tried to deceive the public.
\"We fight for our lives, but he wants them to stick to it,\" he said . \"
\"I feel terrible for any consumer who trusts us after 42 years.
We let them down.
\"During the peak period, Royal mattress hired about 70 people, but recently sales fell to 18.
Mmacleod @ thespec. com905-526-
Burlington 8a bankruptcy Burlington mattress company owed more than $1.
7 million $510,000 for creditors against assets.
According to the initial bankruptcy filing filed by Royal mattress on Tuesday, the company\'s main secured and unsecured creditors are its owner, Philip criszefield, and his wife, Diane criszefield.
The couple was listed as having a guaranteed debt arrears of $510,000 and an unsecured debt arrears of just over $659,000.
Philip Chris zefield said yesterday that the secured debt was held by his father\'s property trust.
Joe Kriszenfeld founded the company 42 years ago and passed away in 1999.
\"Reaching an agreement with the executed person (of the estate)
We cannot jeopardize my father\'s property more than we already have.
By the time we finish, there will be a huge reduction.
\"The company\'s Burlington headquarters and six retail stores were seized and locked up by bankruptcy trustee Grant Thornton.
In the filing for bankruptcy, Royal mattress listed $460,000 in asset inventory and $50,000 in mechanical equipment.
It did not announce Accounts receivable, no cash, no bank balance, no furniture, no vehicles.
There are 73 unsecured creditors listed, including suppliers, the Ministry of Finance, a marketing company in Hamilton that owes nearly $50,000, and several newspapers including Hamilton onlookers.
The Serta mattress is listed as approximately $282,000 in arrears.
About a year ago, when Burlington closed its manufacturing branch, Serta began making mattresses for Royal mattresses.
21 others were listed as some $44,000 in arrears or rent.
Customer Doug Glover says he will hesitate to pay anything from now on.
He bought a mattress and spring box for $1,100 in June 1.
His cheque was cashed on June 4.
Glover said he began to doubt after a series of delays and excuses for his undelivered purchases.
On Wednesday, he visited the James store, where he bought the bed, but the person in the office of the bankrupt trustee told him that he could not enter the store.
\"I said they owe me a mattress and a box spring, but he said he was sorry and there was nothing he could do about it.
\"The Glover family went to the Royal mattress company because they used to be happy with the deal with the company and thought it had a good reputation.
He said he knew that companies, including giants like GM, would go bankrupt.
But he objected to a failed company cashing the check but not delivering the goods.
\"He has to know what he\'s doing,\" Glover said of Chris zefield . \".
\"He should not take our money.
Kriszenfeld said that since last fall, his sales have plunged by 30 to 50, and he has reduced costs as much as possible.
But the \"wall\" in his business soon collapsed and never tried to deceive the public.
\"We fight for our lives, but he wants them to stick to it,\" he said . \"
\"I feel terrible for any consumer who trusts us after 42 years.
We let them down.
\"During the peak period, Royal mattress hired about 70 people, but recently sales fell to 18.
Mmacleod @ thespec. com905-526-
Burlington 8a bankruptcy Burlington mattress company owed more than $1.
7 million $510,000 for creditors against assets.
According to the initial bankruptcy filing filed by Royal mattress on Tuesday, the company\'s main secured and unsecured creditors are its owner, Philip criszefield, and his wife, Diane criszefield.
The couple was listed as having a guaranteed debt arrears of $510,000 and an unsecured debt arrears of just over $659,000.
Philip Chris zefield said yesterday that the secured debt was held by his father\'s property trust.
Joe Kriszenfeld founded the company 42 years ago and passed away in 1999.
\"Reaching an agreement with the executed person (of the estate)
We cannot jeopardize my father\'s property more than we already have.
By the time we finish, there will be a huge reduction.
\"The company\'s Burlington headquarters and six retail stores were seized and locked up by bankruptcy trustee Grant Thornton.
In the filing for bankruptcy, Royal mattress listed $460,000 in asset inventory and $50,000 in mechanical equipment.
It did not announce Accounts receivable, no cash, no bank balance, no furniture, no vehicles.
There are 73 unsecured creditors listed, including suppliers, the Ministry of Finance, a marketing company in Hamilton that owes nearly $50,000, and several newspapers including Hamilton onlookers.
The Serta mattress is listed as approximately $282,000 in arrears.
About a year ago, when Burlington closed its manufacturing branch, Serta began making mattresses for Royal mattresses.
21 others were listed as some $44,000 in arrears or rent.
Customer Doug Glover says he will hesitate to pay anything from now on.
He bought a mattress and spring box for $1,100 in June 1.
His cheque was cashed on June 4.
Glover said he began to doubt after a series of delays and excuses for his undelivered purchases.
On Wednesday, he visited the James store, where he bought the bed, but the person in the office of the bankrupt trustee told him that he could not enter the store.
\"I said they owe me a mattress and a box spring, but he said he was sorry and there was nothing he could do about it.
\"The Glover family went to the Royal mattress company because they used to be happy with the deal with the company and thought it had a good reputation.
He said he knew that companies, including giants like GM, would go bankrupt.
But he objected to a failed company cashing the check but not delivering the goods.
\"He has to know what he\'s doing,\" Glover said of Chris zefield . \".
\"He should not take our money.
Kriszenfeld said that since last fall, his sales have plunged by 30 to 50, and he has reduced costs as much as possible.
But the \"wall\" in his business soon collapsed and never tried to deceive the public.
\"We fight for our lives, but he wants them to stick to it,\" he said . \"
\"I feel terrible for any consumer who trusts us after 42 years.
We let them down.
\"During the peak period, Royal mattress hired about 70 people, but recently sales fell to 18.
Mmacleod @ thespec. com905-526-