Culp Inc., High Point, N.C., has completed the sale of its mattress fabric manufacturing facility in Quebec marking the final step in a restructuring plan announced one year ago. The C$8.6 million ($6.2 million) sale includes C$2.0 million received at closing, with the balance to be paid over the next six to 12 months. Net proceeds of between C$3-3.5 million will be used to reduce debt and improve liquidity.
“Our ability to reshape the cost structure of our mattress fabric business and complete the final step of selling our facility in Canada within a year is a testament to [our team’s] focus and dedication,” said Iv Culp, president and CEO. “Exiting the facility also allows us to avoid monthly carrying costs… and further strengthen our balance sheet and liquidity.”
2025 Quarterly Issue II
