DeCoro obtains new financing
Move should help leather furniture producer normalize operations
Furniture Today Staff -- Furniture Today, November 25, 2008
HONG KONG — Leather upholstery producer DeCoro has reached an agreement with China Construction Bank to provide capital for ongoing operations.DeCoro has been experiencing difficulties due to global business conditions and reduced access to capital, which has impacted production and delivery cycles in recent weeks. The additional capital will remove these constraints and allow normal operations to resume immediately, according to the company.
"We are pleased by the partnership with China Construction Bank and look forward to a good relationship," said President and CEO Luca Ricci. "We had a good market in High Point in October, and this allows us to move forward quickly with our customers on successful new models, especially in the motion category."
Based in Shenzen, China, DeCoro makes Italian-style leather upholstery at two factories that have a total of 2.9 million square feet.
Talkback
DeCoro obtains new financing
12/07/2008DeCoro closing down leather production
01/16/2009DeCoro names U.K. sales agent
08/17/2008DeCoro to liquidate
01/26/2009DeCoro USA closing sales, marketing office
03/09/2009
