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January 25, 2008

Riverpoint Lace Works sold, saving jobs

Journal file photo / Kathy Borchers
The Riverpoint Lace Works mill, in West Warwick.

An investment group has purchased the Riverpoint Lace Works in West Warwick, preserving more than 50 manufacturing jobs.

In November, the business filed for state receivership, a form of bankruptcy, raising the possibility that its equipment could be sold for scrap to pay back creditors.

Instead, the Palmisciano-Ponte Investment Group bid $300,000 to buy the company and continue operating it, Peter Palmisciano Jr. said during a press conference tonight.

"We saw an opportunity," Palmisciano said. "We feel we can walk in and help businesses turn around."

Posted by Benjamin N. Gedan  at 6:58 PM | Permalink

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