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Carl Marks Advisory Group (CMAG) served as advisor to Joan Fabrics Corporation, a Tyngsboro, Mass.-based producer of high quality specialty textiles, as the company announced the sale of its assets. CMAG advised Joan Fabrics in connection with the transactions and provided interim management services to the company.
CMAG assumed responsibility for management of the company on March 19, 2007, filling the positions of chief restructuring officer, chief operating officer and chief financial officer for the interim. The Carl Marks management team worked to reinvigorate the business following an extended period of minimal activity as a result of financial constraints, enabling the company to be sold as a going concern.
At the time of the sale, Joan Fabrics produced top-quality textiles for the residential and hospitality sectors as well as for office furniture and wall coverings used in commercial facilities in the United States, Canada and Mexico.
“The swift reinvigoration and sale of Joan Fabrics’ assets was an immense accomplishment. We are confident the transactions were well targeted and executed with the right buyers,” said Rick Heller, CMAG partner. “The U.S. textile industry is experiencing exceptionally difficult times as a result of much manufacturing moving offshore. To be able to sell Joan Fabrics’ assets in such a short period of time is a real victory and very good for the company and its stakeholders.”
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