Louis de Poortere buys back Colourhouse
Cecile Corral -- Home Textiles Today, June 17, 2002
Two years after parting ways, area and accent rug importer Louis de Poortere (LDP) has repurchased wool runner and carpet supplier and distributor Colourhouse to help the latter restructure its business.
LDP formerly owned Colourhouse and maintained it as a division for about 17 years until the two companies parted ways in an effort to seek their own respective product suppliers overseas.
Colourhouse recently filed for Chapter 11 bankruptcy protection. But coming to its rescue, LDP repurchased the company — "taking us under its wing again," Sara Grunewald, office manager, Colourhouse, told HTT. "I think this is a very good thing for both companies to be back together again. We complement each other, and we'll be very successful working together."
Grunewald said she expects that under the new ownership, Colourhouse will be out of Chapter 11 protection "within weeks" soon after it is set up, again, as a division of LDP — but one that is operated independently.
"Louis de Poortere will own us, but we will be completely independent of it," Grunewald explained.
Grunewald added that under the acquisition no changes in staffing will be made, nor will any restructuring take place.
"Everything is staying exactly the same," she said.
Colourhouse is a supplier of 100 percent wool runners and carpets from Belgium and also some nylon carpets made domestically.