According to Furniture Today a Turkish enterprise has submitted a purchase agreement to acquire the assets of bankrupt fabric supplier Microfibres for $5.79 million.
Microfibres ceased domestic production in late January and declared Chapter 7 bankruptcy. The company had sales of $55.5 million in 2014 but fell more than 30% to $41.6 million in 2015.
Before filing for bankruptcy, Microfibres operated textile plants or maintained warehouses in Pawtucket, R.I.; Winston-Salem, N.C.; and Tupelo, Miss. The company also owned equity interests in companies located in Belgium, Hong Kong, China and Mexico.
NOTE, thanks to our friend Devin Steele at www.etextilecommunications.com for bring this to our attention.