Valdese Gets Circa 1801 in Joan Auction
July 9, 2007-- Home Textiles Today,
Valdese Weavers successfully bid for the Joan Fabrics contract units Circa 1801/Doblin and Guild 360.
Mike Shelton, president of Valdese, said his company would build on the strength of the Circa 1801/Doblin "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 merge into the Valdese contract operation, headed by Blake Millinor, Shelton added.
The Joan Fabrics machinery and real estate were acquired by Gordon Bros., and the Texel unit in Mexico was acquired by J.F.C. Holdings, an affiliate of Elkin McCallum, former principal and ceo of Joan Fabrics.
After approval by the bankruptcy court, the deals were set to close in mid-July, said Rick Heller, coo of Joan Fabrics and a member of Carl Marx Associates, which took over in March.
Joan Fabrics filed for Chapter 11 in April, and said assets would be liquidated.