Springs Confirms Sale of Wamsutta Brand
Warren Shoulberg -- Home Textiles Today, 7/23/2012 2:00:00 AM
NEW YORK - Springs Global in mid-July confirmed to Home Textiles Today reports that its upstairs flagship Wamsutta brand has been sold to a third party. However it would not confirm the identity of the buyer or the terms.
Tom O'Connor, the longtime head of Springs US operations, told HTT the brand was sold and that it would no longer be available for general retail distribution. Under the terms of the sale he said Springs could not announce who had purchased the iconic brand, which for decades had been the premier solid-color sheeting program at department stores.
More recently, its distribution has been cut back as retailers have increasingly moved to proprietary private label brands for home textiles programs.
Earlier this year Springs Global, after reporting disappointing results, said it was seeking a strategic partner for at least some of its U.S. operations. With the sale of Wamsutta, Springs retains its other key U.S. brand Springmaid as well as its licensed brands and its utility bedding and Canadian operations.
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