Quaker still looking to sell headquarters
By Furniture Today Staff -- Furniture Today, May 21, 2007
Fall River, Mass. — The sale of Quaker Fabric's corporate headquarters here fell through last week when the potential buyer asked for another extension to the inspection and closing date, the fabric supplier reported.
Quaker's attorney, Cynthia Gordon, said the company had "quite a bit of interest when we first put this property on the market last fall, so we're already aggressively remarketing the property and still intend to sell it."
In February, Quaker entered into an agreement with Rosewood Management Associates for the sale of its 245,000-square-foot facility for $4.7 million. On April 30, Quaker and Rosewood agreed to extend the inspection period to May 7, and the closing date was extended to May 21.
On May 7, however, Rosewood's counsel asked for another extension for the inspection and closing date, which Quaker declined to give, and the agreement was terminated.
The sale of the facility is part of Quaker's restructuring plan, which calls for the sale of all company-owned real property not needed to support operations. Quaker was planning to lease back 127,000 square feet of the facility for five years from Rosewood, which would allow its corporate offices, design operation and R&D area to remain at the site. The lease would have provided renewal options as well.
