Quaker Fabric to close?
Lenders may freeze funds, company says
By Susan M. Andrews -- Furniture Today, July 8, 2007
Fall River, Mass. — Quaker Fabric had been struggling for some time, but few competitors and customers were prepared for the major upholstery fabric supplier's announcement last week that it may not reopen after its summer shutdown, scheduled to end July 15.
The company said it will likely shut down and liquidate because it can't meet the terms of its lending agreements, and consequently lenders will only advance funds on a discretionary basis.
In a press release, Quaker said there is "significant uncertainty" about whether the company will have enough liquidity to continue operating. Larry Liebenow, president and CEO, and other company officials did not return phone calls last week.
Publicly held Quaker has reported losses in 12 consecutive quarters, most recently a loss of $5.1 million on sales
-
Quaker troubles shake industry
Jul 6, 2007 -
Quaker Fabric likely to shut down
Jul 3, 2007
Specialty retailer LoveSac introduces new store design
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Furniture Outlets USA completes multi-store complex in Minnesota
Bob's Discount Furniture and several employees help ailing girl
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
