Gordon Takes Piece of Joans Fabrics

Gordon Brothers Group has acquired the non-operating machinery and equipment of bankrupt Joan Fabrics Corp. Valdese Weavers acquired the company's Circa 1801 and Guild 360 product lines, while Mexico-based Texel was bought by Joan Fabrics chairman Elkin McCallum. Fred Godley acquired Joan Fabrics' non operating plants and warehouses in North Carolina. The sales were announced by Carl Marks Advisory Group, which had been managing Joan Fabrics through bankruptcy.