De Poortere Turns Profit Under Royaux Partnership
August 27, 2008
MOUSCRON, Belgium – De Poortere Fabrics S.A. has just passed its first anniversary under the new ownership of Luc Royaux, general manager, with sales of 13 million euros and a profitable business, inside sources said.
The mill produces 220,000 meters a week and looks forward to bringing out new lines of lighter weight velvet for wall covering and curtains at Decosit, following its first new wall covering lines at Proposte. The company looks to curtains and wall covering for growth in the years ahead, a company source said.
De Poortere has had a checkered but long past owned by various members of the De Poortere family but has found new life after a bankruptcy sale to Royaux and several partners last August. The timing after the June, 2007 bankruptcy was good because the 300 people who worked at De Poortere had already been pared down to 100 prior to the purchase by Royaux. This had been accomplished by the prior owner who ended up letting the company go bankrupt after a reported $6 million was spent reviving the company.
Royaux and partners own 92 percent of De Poortere. Though rumored to be one of the partners, Gary Neiman says he is not involved as a partner. There is also another minority partner outside of the textile industry who owns eight percent of the company.
De Poortere boasts 60 colors of woven and piece dyed velvets and is a supplier to Bru and Arben. Bru is considered one of the most successful converters in the world today with sales in the $135 million range.
De Poortere is working on a new website DePoortere.com which is under construction.
The mill produces 220,000 meters a week and looks forward to bringing out new lines of lighter weight velvet for wall covering and curtains at Decosit, following its first new wall covering lines at Proposte. The company looks to curtains and wall covering for growth in the years ahead, a company source said.
De Poortere has had a checkered but long past owned by various members of the De Poortere family but has found new life after a bankruptcy sale to Royaux and several partners last August. The timing after the June, 2007 bankruptcy was good because the 300 people who worked at De Poortere had already been pared down to 100 prior to the purchase by Royaux. This had been accomplished by the prior owner who ended up letting the company go bankrupt after a reported $6 million was spent reviving the company.
Royaux and partners own 92 percent of De Poortere. Though rumored to be one of the partners, Gary Neiman says he is not involved as a partner. There is also another minority partner outside of the textile industry who owns eight percent of the company.
De Poortere boasts 60 colors of woven and piece dyed velvets and is a supplier to Bru and Arben. Bru is considered one of the most successful converters in the world today with sales in the $135 million range.
De Poortere is working on a new website DePoortere.com which is under construction.