The franchisee group operating six area Verlo Mattress Factory Stores has filed receivership documents for protection from creditors in a Milwaukee circuit court, the Milwaukee Journal Sentinel reported online.
Verlo Mattress Factory and Outlets of Greater Milwaukee’s operations include the stores six Wisconsin stores operated by Greg Gardetto and Mike Murphy, the newspaper said. A real estate and investment firm, Marcus Investments, is seeking court approval to buy the operation and continue running the stores as Verlo.
The petition to appoint a receiver lists the franchisee’s book value at $2 million and its debt at $1.7 million, according to the report.