Quaker cuts a deal

By Staff -- Home Textiles Today, 7/26/2004 12:00:00 AM

Quaker Fabric Corp., a decorative fabrics producer based in Fall River, Mass., said its Quaker Fabric Corp. of Fall River subsidiary has entered into a purchase and sale agreement to buy a 600,000-square-foot, single-story industrial building in Fall River.

The company has agreed to pay $21 million for the building located on 33.6 acres of land.

Quaker said it plans to use an unsecured credit facility from Bank of America as the initial source for funds to complete the deal. The company added that it "will also review alternative financing strategies, which may include the designation of an unrelated third party to take title to the property, which would then be leased to Quaker."

The textiles producer said the building had previously been used for textiles manufacturing and warehousing.