Loomcraft shutting down European imports division
By Susan M. Andrews -- Furniture Today, February 29, 2004
GREENSBORO, N.C. — GREENSBORO, N.C. — Loomcraft Textiles, for more than 50 years a closeout specialist in promotional decorative and automotive fabrics, is shutting down its international division here, which it launched two years ago.
Ron Frankel, chief executive officer, said the plan to offer upscale fabric from Europe made sense two years ago when currency exchange rates were more favorable.
"With hindsight, we should have chosen the Far East rather than Europe," he said. "But when we started, the euro was 90 cents and we planned to leverage our relationships with European mills and work on smaller margins in order to offer European styling at better prices. But the (strengthening euro) has made it impossible to continue."
Franco Nannucci, who came to the United States as president of the international import business, remains with the company and is handling sales of automotive fabrics to the Middle East, Frankel said, and exploring other areas where his background might benefit Loomcraft.
"Franco is a good friend," he said, "and we want to take advantage of his experience and worldwide connections."
Sheri McAdams, a furniture industry veteran who joined the company to head design and merchandising of the European import line, has left to pursue other opportunities.
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Loomcraft launches higher-price division
Mar 24, 2002
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