Kravet Acquires Brunschwig & Fils Via Auction
Home Textiles Today Staff -- Home Textiles Today, 4/7/2011 5:48:41 AM
NEW YORK - Family-run fabric house Kravet Inc. was the winning bidder for century-old, fabric and trim house Brunschwig & Fils, which filed for Chapter 11 bankruptcy protection in January.
After what family-run Brunschwig & Fils described as a "spirited bidding against Sovereign Partners," Kravet won the auction. Pending bankruptcy court approval and closing on the sale, Kravet is expected to commence operating the Brunschwig & Fils business by the end of this month.
During the Chapter 11 transition, Kravet provided $4 million in postbankruptcy financing to Brunschwig & Fils to ensure the company would be a financially sound trading partner during the bankruptcy period.
White Plains , N. Y. - based Brunschwig & Fils has for the past 111 years been run by the Peardon family, providing interior design and decorator services, as well as upscale fabrics, wallcoverings, trims, lighting, furniture and accessories. Its iconic brand name "drew significant interest from national and international, financial and strategic potential bidders," the company noted.
Brunschwig & Fils operates showrooms in 21 cities and a design studio in the New York D&D Building. The company has international distribution in 24 countries.
Founded in 1918 by the Kravet family, Kravet has transformed itself over the years from a small family-run fabric house to a major home furnishings company. It is a fourth-generation family- run company, and one of the world's largest privately held distributors of fabrics and home furnishings with locations worldwide. It also owns high-end brands Lee Jofa and GP&J Baker.
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