Weave Closes Its Doors
November 10, 2009
NEW YORK, New York - Weave Corp., an important home furnishings fabric and upholstery mill, has closed its doors after five generations of family ownership.
Roger Berkley was the current owner but he could not be reached for comment and has not been forthcoming with his version of events leading to the closing.
According to a statement issued by Meridian Management Advisors, Inc. Investment Bankers and Financial Consultants, based in Pittsburgh, PA, Weave has been effectively shut down and on Nov. 10, Meridian was appointed Federal Receiver for Weave, assuming control of its assets. ''The Receiver is currently taking the steps necessary to have Weave resume operations,'' read the statement, sent to Fabrics & Furnishings International by John Russell, consultant for the Meridian Group. ''Weave hopes that it will begin servicing customers sometime during the week beginning Nov. 16. We thank our customers for their continued support throughout this process.''
Employees were in a state of shock when notified of the closing. The Denver, PA mill on Walnut Street has been closed and all 100 employees there were let go in the last 10 days, according to industry sources. In addition, the Hackensack, NJ business office and New York City showroom of Weave have also been closed. Nobody from the Weave Corp. would comment on the matter. All calls to the various offices went unanswered.
The sales force was notified of the closing in a Nov. 3 conference call and members of the fabric community, both customers and suppliers have been talking about it ever since. Part of the decision to close had to do with PNC Bank, the lead bank for Weave. The impression was that PNC pulled the plug on Weave loan commitments but this could not be verified.
The Weave closing follows a massive downsizing of the operation over the last two years including a reduction of employees and the closing of the design studio in Denver, PA.
One industry executive said, ''The lack of information about the closing is surprising considering how outspoken Roger Berkley has been over the years.'' He was active in all matters textile. However, everyone understands how upsetting a closing would be for Berkley because he put so much effort into the business which he bought from his father and sister in 2004. He was also responsible for getting the mill involved in decorative home furnishings in the '70s, changing over from its previous involvement in apparel and tie silk.
''The closing is like a death in the family,'' one Weave associate, who preferred not to be named, said. ''It was a shock to all of us to have this happen.''
The associate also wondered whether or not the Weave 'Glasgall' silk program—made in China—would continue to be available. This line sold for $25 to $32 a yard and was a success.
Customers wonder what will happen to the Weave design archive in the wake of the closing—and who even owns it now. Is it in the hands of the bank or someone else, one sales person asked.
The Weave collection of jacquards sold in the $15 to $22 range and in recent years, the prices were sharpened to meet the needs of the customer in the $10 to $15 range.
The disappearance of Weave from the market is a sad chapter in the textile industry's book.
Roger Berkley was the current owner but he could not be reached for comment and has not been forthcoming with his version of events leading to the closing.
According to a statement issued by Meridian Management Advisors, Inc. Investment Bankers and Financial Consultants, based in Pittsburgh, PA, Weave has been effectively shut down and on Nov. 10, Meridian was appointed Federal Receiver for Weave, assuming control of its assets. ''The Receiver is currently taking the steps necessary to have Weave resume operations,'' read the statement, sent to Fabrics & Furnishings International by John Russell, consultant for the Meridian Group. ''Weave hopes that it will begin servicing customers sometime during the week beginning Nov. 16. We thank our customers for their continued support throughout this process.''
Employees were in a state of shock when notified of the closing. The Denver, PA mill on Walnut Street has been closed and all 100 employees there were let go in the last 10 days, according to industry sources. In addition, the Hackensack, NJ business office and New York City showroom of Weave have also been closed. Nobody from the Weave Corp. would comment on the matter. All calls to the various offices went unanswered.
The sales force was notified of the closing in a Nov. 3 conference call and members of the fabric community, both customers and suppliers have been talking about it ever since. Part of the decision to close had to do with PNC Bank, the lead bank for Weave. The impression was that PNC pulled the plug on Weave loan commitments but this could not be verified.
The Weave closing follows a massive downsizing of the operation over the last two years including a reduction of employees and the closing of the design studio in Denver, PA.
One industry executive said, ''The lack of information about the closing is surprising considering how outspoken Roger Berkley has been over the years.'' He was active in all matters textile. However, everyone understands how upsetting a closing would be for Berkley because he put so much effort into the business which he bought from his father and sister in 2004. He was also responsible for getting the mill involved in decorative home furnishings in the '70s, changing over from its previous involvement in apparel and tie silk.
''The closing is like a death in the family,'' one Weave associate, who preferred not to be named, said. ''It was a shock to all of us to have this happen.''
The associate also wondered whether or not the Weave 'Glasgall' silk program—made in China—would continue to be available. This line sold for $25 to $32 a yard and was a success.
Customers wonder what will happen to the Weave design archive in the wake of the closing—and who even owns it now. Is it in the hands of the bank or someone else, one sales person asked.
The Weave collection of jacquards sold in the $15 to $22 range and in recent years, the prices were sharpened to meet the needs of the customer in the $10 to $15 range.
The disappearance of Weave from the market is a sad chapter in the textile industry's book.
