Greatex Files Insolvency, Assets to be Sold
September 14, 2018
MONTREAL -- Greatex Mills Inc. filed for insolvency in July with the Canadian court, and a restructuring plan submitted.
Greatex sales are estimated to be in the $10 million range, with creditors’ claims of $9.6 million.
In addition to its domestic business in Canada, Greatex has an export business with accounts in North America, the United Kingdom, Germany, the Czech Republic, China, Russia, Australia, New Zealand, and South Africa.
Benton Lewis, chairman, and his son Sheldon, president, were the owners of the 27-year-old converter and importer of furniture fabrics. The pair was inseparable, and constant fixtures at all of the major international exhibitions. Benton was a devoted father to Sheldon who completely lost his eyesight over a period of years. Attempts to reach the Lewises were not successful. The father and son team will surely be missed by all those who knew them.
In addition to inventory, Greatex brands Noble District, Eurolux Italian velvets, Sir Barkley, SMW designer line, and Revive Performance fabrics will be a part of the sale.
Sources said during the Intertextile Exhibition in Shanghai in August that Paul Ma of Shanghai, China, may have purchased these Greatex brands, as well as inventory assets, for $400,000, but Ma would neither confirm nor deny the purchase when queried by Fabrics & Furnishings International by telephone.
China-based sources said that Ma feels he can bring new life to Greatex, which was a going concern prior to its financial difficulties becoming public in July.
Greatex sales are estimated to be in the $10 million range, with creditors’ claims of $9.6 million.
In addition to its domestic business in Canada, Greatex has an export business with accounts in North America, the United Kingdom, Germany, the Czech Republic, China, Russia, Australia, New Zealand, and South Africa.
Benton Lewis, chairman, and his son Sheldon, president, were the owners of the 27-year-old converter and importer of furniture fabrics. The pair was inseparable, and constant fixtures at all of the major international exhibitions. Benton was a devoted father to Sheldon who completely lost his eyesight over a period of years. Attempts to reach the Lewises were not successful. The father and son team will surely be missed by all those who knew them.
In addition to inventory, Greatex brands Noble District, Eurolux Italian velvets, Sir Barkley, SMW designer line, and Revive Performance fabrics will be a part of the sale.
Sources said during the Intertextile Exhibition in Shanghai in August that Paul Ma of Shanghai, China, may have purchased these Greatex brands, as well as inventory assets, for $400,000, but Ma would neither confirm nor deny the purchase when queried by Fabrics & Furnishings International by telephone.
China-based sources said that Ma feels he can bring new life to Greatex, which was a going concern prior to its financial difficulties becoming public in July.
