NEW YORK--Texfi Industries said Monday that it has completed the sale of its Marion gray goods facility in Marion, N.C., to Decotech LC, a privately held firm headed by Texfi's former chairman, chief executive officer and president, L. Terrell Sovey Jr., for about $10.7 million. Decotech, based in Marion, was formed by Sovey, managers of the Marion facility and an investment group made up of their friends. As reported, Sovey resigned from Texfi's board Feb. 10. The sale will be used by Texfi to reduce its long-term debt and advances by factors by about $15 million as well as reduce annual interest expense by $1.4 million, said William L. Remley, Texfi's ceo.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)