Culp considers sale as fabric business slows
Staff -- Home Textiles Today, 3/25/2002
HIGH POINT, NC — Based on a dramatic decline in its wet printed flocked fabric business, Culp Inc., a major producer of fabrics for furniture, home textiles and mattresses, is looking to sell this segment of its business or temporarily shut it down at the close of its fiscal year, April 28.
The company is taking this tack because of the "prolonged strength of the U.S. dollar relative to foreign currencies and the shift in consumer preferences for other styles of fabrics."
Sales in this business segment were $17.6 million of the $374.6 million for the 12-month period ended Jan. 27. The Culp wet print flock facilities include a printing facility in Lumberton, NC, and related operations in Burlington, NC.
The company, according to Robert Culp III, ceo, "continues to manufacture and market wet printed flock fabrics as we evaluate our alternatives. Our goal is to find a course that not only meets the company's needs but also respects the contributions of the employees who are involved in this portion of our business."
