Quaker Fabric Signs Davol Street Building Deal.FALL RIVER, Mass. -- QUAKER FABRIC CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol: QFAB) today reported that it had entered into an agreement to sell its corporate headquarters building located at 1082 Davol Street in Fall River to Rosewood rosewood, popular name for the ornamental wood of several species of tropical trees, especially for the heartwood of certain leguminous trees of the genus Dalbergia of the family Leguminosae (pulse family). Brazilian rosewood, or jacaranda (D. Management Associates, Inc. for $4.7 million. Quaker also reported that, 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 pursuant to a related leaseback transaction. "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. 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 purchase and sale agreement we signed calls for this deal to close on March 15, and the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this sale will be used to reduce our senior debt," commented Larry Liebenow, Quaker's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Quaker Fabric Corporation is a leading manufacturer of woven upholstery upholstery, general term for household fittings, hangings, curtains, cushions, and covers. It refers to stuffed, padded, and spring-cushioned furniture, such as chairs and sofas, or to the usually decorative materials and fabrics that cover them. fabrics for furniture markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad, and the largest producer of Jacquard upholstery fabric in the world. THIS PRESS RELEASE CONTAINS "FORWARD LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN THE FEDERAL SECURITIES LAWS. THE READER IS CAUTIONED THAT SUCH STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND THAT, AS A RESULT OF VARIOUS FACTORS, INCLUDING, BUT NOT LIMITED TO, THE LEVEL OF CUSTOMER DEMAND FOR THE COMPANY'S PRODUCTS, HIGHER THAN ANTICIPATED COSTS, ANY INTERRUPTION IN THE SUPPLY OF RAW MATERIALS USED BY THE COMPANY AND LOWER THAN ANTICIPATED PRODUCTION RATES, ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE PROJECTED. FOR A FURTHER DISCUSSION OF THESE FACTORS, SEE THE COMPANY'S 2005 FORM 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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