FALL RIVER – Quaker Fabric Corp. said last week that it has made a deal to sell its 245,000-square-foot corporate headquarters building at 1082 Davol St. for $4.7 million to Rosewood Management Associates Inc. of Marlboro, Mass. The deal is to close March 15.
After the sale, Quaker said it will lease back about 127,000 square feet of the building to house ots offices and other operations.
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“Consolidating our operations and selling off excess real estate is an integral part of the broader restructuring plan we are currently implementing to improve Quaker’s financial performance,” Larry Liebenow, Quaker’s president and CEO, said in a statement. The sale “is consistent with that plan,” he added, “and leasing part of it back allows us to avoid at least some of the relocation costs we would incur if we needed to move out of this facility completely.”
The net proceeds will be used to reduce Quaker’s senior debt, he said.
Quaker, a major manufacturer of woven upholstery fabrics for furniture, has been struggling financially for several years; it has sold off property, laid off workers and restructured its debt to try to get back on track.
