International Bedding Corp. says it’s trying to find a buyer or new financing, and shut down if those efforts aren’t successful.
The company has 76 employees at a plant at 400 Commerce St. in Cleburne, IBC told the Texas Workforce Commission in a letter.
“Over the past few years, IBC has been working aggressively to implement important changes such as adjustments in leadership, reductions in force and other organizational modiñcations, to reduce the Company’s debt and realign it with the current market,” the company said in the letter. “However, the ongoing economic downturn has not allowed IBC to realize fully the benefits of these initiatives.
“As such, we are considering a sale of the company and are currently in active negotiations with interested parties. Every effort is being made to find a buyer that values our employees as much as we do, as our hope is that any acquirer retains current IBC employees. Moreover, we are working to ensure that neither our customers nor vendors experience any disruption...If we are unable to finalize a sale or find an alternative financing solution IBC will have no other option but to cease operations.
“The company has notified all of the affected employees...that operations may permanently cease 62 days after the date of this letter. To clarify, if we are required to take this course, all IBC plants and offices would be closing permanently,” the letter said.