Walcot Buys Churchill from Crown Crafts
April 9, 2007-- Home Textiles Today,
Winding down its high fashion but money-losing Churchill Weavers hand-woven throw business, Crown Crafts has sold the Churchill Weavers name and other assets to Wilford Morris, owner of Walcot Weavers of Lafayette, Ind., for $275,000.
Churchill Weavers will join two other carriage-trade throw producers under the Walcot Weavers umbrella: Three Weavers and Grace Richey Clark.
Included in the sale package, along with the Churchill name, are intellectual property rights, the website, yarn inventory, looms and other weaving, sewing, and laundry equipment. E. Randall Chestnut, Crown Crafts ceo, said, "Churchill Weavers has been a well known brand in America since 1922. We are happy that the Churchill quality and tradition will be continued by another American company."
Additionally, Crown Crafts said it has sold a small portion of the Churchill Weavers property in Berea, Ky., and the company's archives and antiquities to an unidentified buyer for $110,000. A substantial amount of finished goods inventory was sold in February and March, and the company said it has received orders for the balance of the finished goods.
All Churchill Weavers products will be shipped by the end of April, and Crown Crafts said it will begin the sale of the remaining Churchill property in Berea the following week.