Quaker Fabric selling HQ building

By Staff -- Home Textiles Today, 2/21/2007 12:57:00 PM

Fall River, Mass. – Woven upholstery and jacquard upholstery maker Quaker Fabric has agreed to sell its corporate headquarters building here to Rosewood Management Associates for $4.7 million. Administrative staff and other operations will continue to occupy half of the 245,000 square feet at the site, pursuant to a related leaseback transaction, the company said.

"Consolidating our operations and selling off excess real estate is an integral part of the broader restructuring plan we are currently implementing to improve Quaker's financial performance,” said Larry Liebenow, president and ceo. “The purchase and sale agreement we signed calls for this deal to close on March 15, and the net proceeds from this sale will be used to reduce our senior debt."