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July 9, 2007

The news is 'bad' from Quaker Fabric

FALL RIVER -- Employees at Quaker Fabric Corp., in Fall River, are being encouraged today to file for unemployment insurance with the Massachusetts Department of Workforce Development, signaling a likely end of the company's 62-year run as a leading textile manufacturer in New England.

Last Monday, Quaker Fabric expressed "significant uncertainty" about its ability to meet its requirements to lenders that have kept the company afloat despite years of losses.

Today, Quaker Fabric is holding meetings with employees that include presentations about state unemployment and health care offerings that would be available if it does not resume operations at the end of its annual shutdown period on Sunday. The shutdown began last Monday.

"This is bad," Cynthia L. Gordan, Quaker vice president and general counsel, said in an interview today.

-- Journal staff writer Benjamin N. Gedan

Posted by Peter Phipps  at 2:40 PM | Permalink

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