Friday, September 21, 2007

Lasting legacy of Quaker purchase may be education

Fall River -
"A limited revival of Quaker Fabric Corp. is in the works.A French-Canadian textile manufacturing company called Victor Innovatex Inc. announced Thursday it had acquired a majority of equipment, inventory and assets of foreclosed Quaker Fabric and would expand its operations in the next few months at the closed city plants."

"Under the name Victor Innovatex Textiles, the third-generation, family owned maker of furniture and auto fabrics plans to set up and hire 100 to 200 workers in the next two to three years, said company representatives and city officials."

"U.S. Bankruptcy Judge Kevin J. Gross signed off on the asset sale at a hearing Wednesday in Wilmington., Del.
Gordon Brothers is buying most of Quaker Fabric's assets for $27 million and turning them over to Canadian textile company Victor Innovatex Inc."

"Gross also approved an offer by Atlantis Charter School to buy 66 acres of undeveloped land in Fall River, Mass., known as Bleachery Pond, for $2.6 million."

Lefty's View: While it good news to hear that Victor Innovatex will bring jobs back to Fall River it's not great news. The company has stated plans to employee 200 people, far less than the 900 just laid off by Quaker and they're talking about 3 years to reach that number. While this is welcome news it is not the answer to all our employment needs. In fact this is getting a lot of headlines because it involves Quaker Fabric but the purchase of Fall River Shirt by designer Jospeph Abboud could easily have a similar impact.

Perhaps the real news hear is Atlantis Charter's purchase of 66 acres. With the acquisition of this land the school now has the space to build a complex that could house both their lower and upper schools as well as a planned high school expansion.

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