Quaker Fabric, already liquidating, declares Ch.11

Fall River, Mass. -- Having already started its asset liquidation process, upholstery and jacquard producer Quaker Fabric filed for Chapter 11 bankruptcy last Friday.

Quaker's affiliates outside the United States were not included in the Chapter 11 filing.

The company said it has an agreement for up to $1.65 million in new debtor-in-possession (DIP) financing. Upon court approval, this will provide sufficient funding during the Chapter 11 process, it said.

“Substantially all” of Quaker’s 930 employees were terminated as of July 2, and bids on assets have been sought in conjunction with the July 9 retaining of a liquidation advisory firm.

In the filing, Quaker said it has assets at book value of $155.2 million and debt of $60.4 million. Among the industry suppliers listed among the 40 largest unsecured creditors are:

• Unifi, owed $3.2 million
• Hangzhou Zhongwang Fabric, $1.3 million
• Seko Worldwide, $471,658
• Carolina Yarn Processors, $453,739
• American Fibers and Yarns, $350,124
• Regifil, $317,301
• National Spinning Co., $302,354
• Regitex, $274,430
• Noveon, $240,344
• Burke Mills, $195,464
• Huntsman Textile, $181,149
• American Dornier Machine, $139,428
• Crypton, $127,575
• Texturing Services, $112,338
• Tuscarora Yarns, $94,572
• Grover Inds., $90,776
• Chesterfield Yarns, $36,414

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!