Kravet Prevails in Auction for Brunschwig & Fils
NEW YORK-Kravet has emerged as the winner of the auction for Brunschwig & Fils.
A fourth-generation family-run company, Kravet is expected to assume control of Brunschwig & Fils at the end of this month, pending approval by the bankruptcy court.
Brunschwig & Fils filed for Chapter 11 bankruptcy protection in January, as the result of the impact of the recession on the company's finances, according to a Brunschwig & Fils statement. Kravet, which had provided $4 million post-bankruptcy financing to Brunschwig & Fils to help its business during the bankruptcy period, won out over Sovereign Partners, after what the statement described as "spirited bidding."
A purchase price was not disclosed.