Quaker Selling Headquarters; Plans to Lease the Space

February 20, 2007  by in UnCategorized   

By Home Furnishings Business in Upholstery on February 2007 Quaker Fabric Corp. said it has agreed to sell its Fall River, Mass., corporate headquarters to Rosewood Management Associates for $4.7 million.

According to a release, Quaker said, after the sale, its administrative staff and certain other operations would continue to occupy approximately 127,000 of the 245,000 square feet of space at this site.

“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, Quaker president and chief executive officer. “This pending sale of our corporate headquarters building on Davol Street in Fall River is consistent with that plan, and leasing part of it back allows us to avoid at least some of the relocation costs we would incur if we needed to move out of this facility completely.”

The deal has a closing date of March 15, and net proceeds from the sale will be used to reduce the company’s senior debt.