Brunschwig & Fils Files Chapter 11, May Be Sold To Competitor
Filed under: Decor
Luxury wallcovering brand Brunschwig & Fils recently announced that the family-owned company has filed for Chapter 11 restructuring and that Kravet, a fabrics and home furnishings company and former competitor has agreed to buy the company. Brunschwig & Fils is an 111-year-old distributor of wall coverings and upholstery fabrics. It listed assets of $10.9 million and debt totaling $18.4 million. The recession led to a 35% decline in sales in 2009 and a 30% decrease in 2010 as less people poured money into their homes. Home Textiles Today reports that Kravet , a 93-year-old-brand, has offered $6.5 million in cash plus other considerations. Brunschwig & Fils wants other offers by March 3, with an auction not more than two days later to see if anyone will top Kravet's offer. There are no plans to close the 17 Brunschwig & Fils showrooms in the U.S. and three abroad. Brunschwig CEO Olivier Pearson called the restructuring a business decision and said that "our relationships with the lines we represent remain intact and the Brunschwig & Fils Design Studio is creating new patterns for future release."
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