In Joan Fabrics Auction, Valdese Gets Circa 1801
June 27, 2007-- Home Textiles Today,
Wilmington, Del. – Valdese Weavers successfully bid for the Circa 1801/Doblin and Guild 360 contract segments of Joan Fabrics at auction last night.
Joan Fabrics filed for Chapter 11 bankruptcy protection in April, and later indicated the company’s assets would be liquidated.
By the end of yesterday’s bargaining, Joan’s machinery and real estate were acquired by Gordon Bros., and the company’s Texel unit in Mexico was acquired by J.F.C. Holdings, an affiliate of Elkin McCallum, former principal and ceo of Joan Fabrics.
All acquisitions are subject to approval by the bankruptcy court at a hearing to be held Thursday, June 28, said Rick Heller, coo of Joan Fabrics and a member of Carl Marx Associates, which took over operations of the company in March. The closings are planned for mid-July.
Mike Shelton, president of Valdese Weavers, said, “We will build on the strength of the Circa 1801/Doblin leadership of the management and design team of John Lenox, Margaret Coffin, and Bill Garner. We’ll help make the company the best it can possibly be.”
The Guild 360 contract business will be merged into the Valdese Weavers contract business under Blake Millinor, who heads the Valdese contract operation, Shelton added.