Annabel Continues DVW
December 12, 2000
Ghent, Belgium — Just a few weeks after DVW's surprising absence from Decosit stirred rumors, news got out that the bankrupt Belgian decoration fabrics producer was taken over by his colleague Annabel from Mariakerke, near Ghent.
The announcement, on 9 August by the management of the textiles group DVW to lay down books at the courts of Kortrijk and Tournai and to file the company's petition in bankruptcy, came as a surprise.
The last decade, DVW managed by Bernard Deslee with the help of his daughter An and son Pieter, had developed into an integrated cluster of decoration and furnishing fabrics-producing companies with Belgian locations in Waregem (DVW and spinning mill Desfil) and Moeskroen (Decoweave and Diamond Print). It employed nearly 500 people. The group covered the complete range of home decoration fabrics: flat-woven as well as double velvet fabrics, both plain and printed jacquards, flocks and imitation leather.
DVW's bankruptcy was not caused by a shortage of orders, but rather by an accumulation of debts, which totaled about $56 million. The greater part of the machinepark was being leased through the KBC bank, which finally lost confidence in its client and had attached DVW's buildings and other properties in early August.
Initially, several parties came forth with offers for DVW, which were rejected. The first potential buyer was a group formed by former DVW directors and lead by financial consultant Bert Wolters, who had once worked for DVW.
After offers from several potential buyers were rejected by KBC, Annabel's came forward with a second offer and took over the greater part of DVW for undisclosed amounts. DVW's loss-making Diamond Print company was reportedly not part of the deal.
Annabel employs some 150 people and last year realized a turnover of approximately $32 million. The group is regarded for its strength on a creative level. It produces and commercializes high quality decoration and furnishing fabrics in printed double velvet, plain, jacquard and printed flat woven, and other pile fabrics including flock. Some of these were being produced by DVW, so the takeover offers Annabel the opportunity to keep certain production operations in-house. Therefore, some 250 specialized workers of the former DVW will be kept at work in Waregem and Moeskroen.
The announcement, on 9 August by the management of the textiles group DVW to lay down books at the courts of Kortrijk and Tournai and to file the company's petition in bankruptcy, came as a surprise.
The last decade, DVW managed by Bernard Deslee with the help of his daughter An and son Pieter, had developed into an integrated cluster of decoration and furnishing fabrics-producing companies with Belgian locations in Waregem (DVW and spinning mill Desfil) and Moeskroen (Decoweave and Diamond Print). It employed nearly 500 people. The group covered the complete range of home decoration fabrics: flat-woven as well as double velvet fabrics, both plain and printed jacquards, flocks and imitation leather.
DVW's bankruptcy was not caused by a shortage of orders, but rather by an accumulation of debts, which totaled about $56 million. The greater part of the machinepark was being leased through the KBC bank, which finally lost confidence in its client and had attached DVW's buildings and other properties in early August.
Initially, several parties came forth with offers for DVW, which were rejected. The first potential buyer was a group formed by former DVW directors and lead by financial consultant Bert Wolters, who had once worked for DVW.
After offers from several potential buyers were rejected by KBC, Annabel's came forward with a second offer and took over the greater part of DVW for undisclosed amounts. DVW's loss-making Diamond Print company was reportedly not part of the deal.
Annabel employs some 150 people and last year realized a turnover of approximately $32 million. The group is regarded for its strength on a creative level. It produces and commercializes high quality decoration and furnishing fabrics in printed double velvet, plain, jacquard and printed flat woven, and other pile fabrics including flock. Some of these were being produced by DVW, so the takeover offers Annabel the opportunity to keep certain production operations in-house. Therefore, some 250 specialized workers of the former DVW will be kept at work in Waregem and Moeskroen.
