Covington Buys Heirloom Decorative Fabrics, LLC

July 7, 2008

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NEW YORK, New York — Covington Fabric & Design, LLC has purchased the assets of Heirloom Decorative Fabrics, LLC, the Westport-based converter owned and operated by industry stalwart Tom Bruno and co-owner David Silverstein.

"Tom's return to work under the Covington banner marks another significant step towards our goal of returning the Covington brand to a leadership position in our industry" said Roger Gilmartin, Covington President & CEO.

"Tom will assume the responsibility for the sales and marketing functions of the merged entities and brings back into our business an unparalleled knowledge and experience of the sector" said Gilmartin.

"This acquisition, Tom's arrival and the recent appointments of Marion Murray, creative director, and John Severson, CFO, should be a very clear message to all of the seriousness of our family's commitment to restoring the Covington brand" said Mark Kahan, Covington's Chairman.

"Every company is judged by the quality of its executive leadership. We are now putting together the right management team to face the industry's challenges and take the company forward to new heights" said Kahan. The assets of decorative fabric supplier Covington Holdings LLC were officially purchased by members of the Kahan family on March 24th.

"An important collateral impact of Tom's appointment is that it will allow us to move Steve Marrandino back to head up the sales team in our contract business,'' said Gilmartin. "This is a growing segment in our industry and this move will place the emphasis on this part of business that it needs and warrants" he added.

Bruno graduated from what is now the University of New Hampshire and joined the sales management training program of Waverly. He was vice president of sales for the Spectrum Fabrics division of Covington Industries and then for Covington itself. Prior to forming Heirloom he had been spearheading the sales effort at Weathervane Hill and Tompkins Roth. Bruno officially takes up his new duties on Monday, July 14th, 2008.

David Silverstein, who had 50 percent ownership over Heirloom Decorative, said that Covington would continue to run Heirloom as a separate entity. He also indicated that the discussion of sale had been going on for a little less than a month. ''I think the economy was very scary and it was just good timing for personal reasons for both Tom and I and we didn't' know how long this was going to last,'' said Silverstein. Did I think we could battle it out? I think we could have but it was a safe play.''

While Bruno will continue with Heirloom under Covington, Silverstein indicated that he would not. Instead, he will continue in his special field of business administration, but not necessarily in the textile industry. ''I am going to be responsible for a few company things to be cleaned up here,'' he said. The Massachusetts offices of Heirloom will close and operations will move to South Carolina, he indicated.



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