FALL RIVER – Quaker Fabric Corp. (Nasdaq: QFAB) last night announced a sale/lease agreement for its headquarters building at 1082 Davol St.
Quaker has agreed to sell the 245,000-square-foot building to Rosewood Management Assoc. Inc. for $4.7 million. The proceeds are to be used to pay down the company’s debt.
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After the sale, Quaker will continue to occupy about 127,000 square feet, under a lease-back deal. The space is to be occupied by administrative staff and certain other operations, the company said.
“Consolidating our operations and selling off excess real estate is an integral part of the broader restructuring plan we are currently implementing,” said Larry Liebenow, Quaker’s president and CEO. He said the deal is to close on March 15.
Quaker Fabric Corp. is a maker of woven upholstery fabrics for the U.S. and global furniture markets, and the world’s largest producer of Jacquard-weave upholstery fabric.