After 100 years of distributing to-the-trade wall coverings and upholstery fabrics, Brunschwig & Fils filed for bankruptcy last week, due to a two-year significant decrease in consumer spending. Brunschwig's sales declined by 35 percent in 2009 and 30 percent in 2010. It's listed assets are $10.9 million, with debt totaling $18.4 million.
The Chapter 11 petition was an attempt to learn if anyone will top Kravet's bid. Kravet offered $6.5 million cash plus the cost of curing defaults on leases and contracts. Other offers will be accepted through March 3, with an auction two days later, according to a report.
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With 17,000 fabrics and 1,200 wall coverings, Brunschwig owns and operates 17 showrooms in the U.S. and three abroad. It runs as a famiy-owned business under the direction of Thomas P. Peardon, Jr., Chairman of the Board. T. Olivier Peardon is the President and Chief Executive Officer.
The Chapter 11 petition was an attempt to learn if anyone will top Kravet's bid. Kravet offered $6.5 million cash plus the cost of curing defaults on leases and contracts. Other offers will be accepted through March 3, with an auction two days later, according to a report.
With 17,000 fabrics and 1,200 wall coverings, Brunschwig owns and operates 17 showrooms in the U.S. and three abroad. It runs as a famiy-owned business under the direction of Thomas P. Peardon, Jr., Chairman of the Board. T. Olivier Peardon is the President and Chief Executive Officer.