Belgium’s Calcutta/Annabel Closes, Seeks Buyer to Save 80 Mill Jobs
July 17, 2024
Christoph Vermeersch
EVERGEM, BE—Calcutta, the oldest textile company in Belgium, (176 years in business) and Annabel closed its doors in June and filed for bankruptcy.
The action to close was taken in the face of a sudden drop in orders, and a sharp increase in production costs, the company said.
Christoph Vermeersch, CEO, Calcutta Home Fashion Group had previously gone on record saying he hoped to produce $50 million in group turnover within the next five years but unfortunately the marketplace did not cooperate. Vermeersch had plans to increase sales of all companies through an international sales network.
Calcutta, purchased by Vermeersch in 2019 was known for its textile wall coverings and window blinds. The group also included Annabel, a jacquard velvet weaver (purchased in August 2022) and Jack and the Fish washable carpets.
Jobs of 80 mill workers are involved at Calcutta in Mariakerke. Vermeersch is looking for a buyer who will continue to employ the workers, he says.
In February 2024 Calcutta Home Fashions Inc. entered the US market to sell Belgian made upholstery by the piece and by the cut in middle to upper price points. With a depressed furniture industry, this effort fell short.
In August 2022, Vermeersch together with Saffelberg Investments purchased a majority interest in Annabel Group, an upholstery fabric wholesaler, and Interspinning in Ghent.
Vermeersch, who bought the shares of Calcutta in July 2019 from a British-Emirate company managed Calcutta and Annabel. At the time, he had high hopes of realizing the synergy between the two companies which he said complemented each other.
The action to close was taken in the face of a sudden drop in orders, and a sharp increase in production costs, the company said.
Christoph Vermeersch, CEO, Calcutta Home Fashion Group had previously gone on record saying he hoped to produce $50 million in group turnover within the next five years but unfortunately the marketplace did not cooperate. Vermeersch had plans to increase sales of all companies through an international sales network.
Calcutta, purchased by Vermeersch in 2019 was known for its textile wall coverings and window blinds. The group also included Annabel, a jacquard velvet weaver (purchased in August 2022) and Jack and the Fish washable carpets.
Jobs of 80 mill workers are involved at Calcutta in Mariakerke. Vermeersch is looking for a buyer who will continue to employ the workers, he says.
In February 2024 Calcutta Home Fashions Inc. entered the US market to sell Belgian made upholstery by the piece and by the cut in middle to upper price points. With a depressed furniture industry, this effort fell short.
In August 2022, Vermeersch together with Saffelberg Investments purchased a majority interest in Annabel Group, an upholstery fabric wholesaler, and Interspinning in Ghent.
Vermeersch, who bought the shares of Calcutta in July 2019 from a British-Emirate company managed Calcutta and Annabel. At the time, he had high hopes of realizing the synergy between the two companies which he said complemented each other.
