FALL RIVER – Textile maker Victor Innovatex Inc. of Saint-Georges, Quebec, today announced it has acquired the majority of the assets of bankrupt Quaker Fabric Corp., which shut down in July.
The firm said it has purchased Quaker’s real estate, machinery and equipment – as well as its intellectual property, including the the company’s trademarks and design archive – through financial brokers Gordon Brothers Group of Boston.
Terms were not disclosed. The deal was finalized yesterday, Victor Innovatex said.
Quaker Fabric, whose shares traded on the Nasdaq market under the symbol QFAB, was the world’s largest producer of Jacquard-weave upholstery fabrics. The company closed its doors at the end of June for its traditional summer break, and never reopened.
Between 2002 and 2006, the company had lost about $213 million. On July 2 – faced with outstanding loans from four lenders that totaled $34.2 million – Quaker announced it would be unable to repay its debts. At the time of its closing, it had 900 employees, 62 of whom were Rhode Island residents. (READ MORE)
Today, Victor Innovatex announced plans to begin hiring new managers, textile designers and mill workers for the Fall River location, where it intends to begin operations by the end of the year. The plant will hire more than 100 people over the next two years, the company said. “We are especially interested in the people that formerly worked for Quaker, and certainly from the surrounding community,” said spokesman David Costello of ADS Ventures.
Victor Innovatex was founded in 1947 as Victor Woolens. Based in Saint-Georges, it operates mills in several Canadian locations and in Grand Rapids, Mich., as well as a design studio in New York. Worldwide, it is the largest upholstery fabric producer.
“This is about bringing value to our customers,” Alain Duval, the company’s president and CEO, said in a news release. “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.”
– With additional reporting by PBN Web Editor Susan A. Baird.
To learn more about Victor Innovatex Inc. and its plans, visit www.victor-innovatex.com.
