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July 11, 2007

Struggling Quaker Fabric owes $34M to 3 lenders

FALL RIVER, Mass. -- The struggling Quaker Fabric Corp. in Fall River owes $34.2 million to three lenders, including $14.7 million to Bank of America, according to a federal filing the company made this week.

On Monday, July 2, Quaker announced that it was failing to repay its lenders and that it might be forced to close operations. The company employs 900 people, including at least 62 Rhode Island residents.

The next day, Bank of America and two other lenders formally declared the company in default, according to the filing with the U.S. Securities and Exchange Commission.

In the filing, Quaker also announced that it had fired three top executives: James A. Dulude, vice president of manufacturing, Thomas Muzekari, vice president of sales, and Michael E. Costa, the principal accounting officer.

Company executives were not available for comment today.

-- Journal staff writer Benjamin N. Gedan

Posted by Andrea Panciera  at 1:59 PM | Permalink

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