After 'spirited bidding' against real estate investment firm Sovereign Partners, Kravet has come out as winner of the Brunschwig & Fils’ auction. Kravet is expected to commence operating the Brunschwig & Fils business by the end of this month.
The Chapter 11 filing was announced by Brunschwig & Fils on January 12, 2011 as a result of the financial impact of the recent years’ economic recession.
For the past 111 years, the Peardon family owned and managed Brunschwig & Fils, which has showrooms in 21 cities, a Design Studio in the New York D&D Building, and international distribution in 24 countries.
A fourth-generation family-run company, Kravet transformed from a small fabric house in 1918 to one of the world’s largest privately held distributors of fabrics and home furnishings with locations worldwide. Kravet also owns high-end brands Lee Jofa and GP&J Baker.
Both Brunschwig & Fils and Kravet intent to keep the transition of ownership seamless.
