NEW YORK, March 8, 2011 /PRNewswire/ -- Brunschwig & Fils announced Kravet Inc. as the winner of the Brunschwig & Fils' auction after spirited bidding against Sovereign Partners. Pending bankruptcy court approval and closing on the sale, Kravet is expected to commence operating the Brunschwig & Fils business by the end of March 2011.
For the past 111 years, the Peardon family has overseen Brunschwig & Fils ensuring that the world's finest interior designers and decorators received the highest quality, luxury home products including fabrics, wallcoverings, trims, lighting, furniture and accessories. The iconic brand name drew significant interest from national and international, financial and strategic potential bidders.
The Kravet family's commitment to innovation has helped the Kravet company transform from a small family-run fabric house in 1918 to today's global leader in home furnishings, representing brands and designers from all over the world. Kravet is a fourth generation family run company, and one of the world's largest privately held distributors of fabrics and home furnishings with locations worldwide. Kravet offers the highest level of quality products and customer service and also owns high-end brands Lee Jofa and GP&J Baker.
During the Chapter 11 transition, Kravet provided $4 million in post-bankruptcy financing to Brunschwig & Fils to ensure the company would be a financially sound trading partner during the bankruptcy period.
Brunschwig & Fils is based in White Plains, New York and has showrooms in 21 cities with a Design Studio in the New York D&D Building. Brunschwig has international distribution in 24 countries.
The Chapter 11 filing was announced by Brunschwig & Fils on January 12, 2011 as a result of the financial impact of the recent years' economic recession. It is the intent of both Brunschwig & Fils and Kravet that the transition of ownership is seamless.
For additional information please contact: Halperin Battaglia & Raicht, LLP, 212-765-9100, Alan D. Halperin, firstname.lastname@example.org or Robert D. Raicht, email@example.com, or Charles D. Benjamin of Benjamin Capital Advisors, Inc., 914-821-1826.
Brunschwig & Fils: Over one hundred and ten years ago, Brunschwig & Fils was founded as a tapestry weaving mill in Aubusson and Bohain, France. Brunschwig & Fils designs and distributes traditional and contemporary decorative fabrics, wall coverings, trimmings, upholstered furniture, lamps, tables, mirrors and accessories. All design is performed in-house at the Studio in the Decoration & Design Building, NYC and they work with 150 mills around the world. The company is headquartered in White Plains, NY with 21 national and international showrooms. Additionally, there are agents and distributors in 24 countries.
SOURCE Brunschwig & Fils