Quaker Fabric poised to resume operations after laying off 900
Quaker Fabric, Inc. may be back in business as soon as next month.
Victor Innovatex, Inc. of Saint-Georges, Quebec, Canada, has formed a joint venture with Gordon Brothers Group of Boston to acquire the majority of the assets of Quaker Fabric, Inc., which had declared bankruptcy, costing about 900 jobs.
The assets include real estate, machinery and equipment, inventory, and all of the company’s intellectual property, trademarks and design archive.
Victor expects to commence operations in Massachusetts in the fourth quarter of 2007 and intends to hire new management, textile designers and mill workers to support manufacturing operations.
“This is about bringing value to our customers,” said Alain Duval, president and CEO of Victor. “This acquisition will allow Victor to deliver compelling solutions to the textile market by expanding our expertise in Contract textile design, lean production, on-time delivery, and consistent quality.”
Victor is a leader in developing, manufacturing and marketing environmentally sustainable textiles
With the acquisition, the company expects to become one of the largest producers of upholstery fabric in the world and a leader in the U.S. textile industry. Victor will expand its yarn capabilities by producing specialty yarns exclusively for use in their own fabrics. The company will continue to serve most of the residential and contract furniture industries in the United States, and sell its products throughout the world.
Victor Innovatex, a leading Canadian-based textile company, provides the contract furniture industry with innovative, environmentally sustainable fabrics. The company operates mills in several Canadian locations, a service and warehouse facility in Grand Rapids, MI, and a design studio in New York. Founded in 1947, family-owned Victor has been serving the North American contract furniture industry since 1980.