Banner Mattress Co. will officially shut down later this year, but it is not going away entirely.
Four of its employees, including the firm’s general manager, have plans to build a new business around the company’s central Toledo mattress factory.
Bard Strand, Banner’s general manager, said the family that owns the company wants to get out of the business.
“They want to unload what they own currently ... inventory, real estate, you name it. But a deal has been made between the current owner and myself with my partners that we will take over the factory, factory equipment, warehouse, and everything we have downtown.”
The new company will be called Banner Factory Direct LLC.
Mr. Strand said a liquidation sale of the current inventory will begin in mid June and will likely be finished by the end of September.
Once that’s finished, Banner Mattress will officially go out of business. But Mr. Strand said his group anticipates taking over operations the very next day.
Banner will permanently close its two factory-owned stores on Hill Avenue and West Alexis Road in Toledo.
Negotiations are under way to keep a third store -- on East South Boundary Street in Perrysburg -- open.
Mr. Strand said Banner Factory Direct will open smaller stores at other locations in the Toledo area.