Susan M. Andrews — Furniture Today,
VALDESE, N.C. — Fabric supplier Valdese Weavers was the successful bidder Tuesday for the Circa 1801 residential fabrics and Guild 360 contract fabrics segments of Joan Fabrics.

The assets were for sale at an auction in the U.S. Bankruptcy Court in Delaware, where Joan filed for Chapter 11 bankruptcy protection in April.

“We are very excited to be the winning bidder,” said Mike Shelton, president and CEO of Valdese Weavers. The Circa 1801 and Guild 360 segments were considered to be the most valuable assets of Joan Fabrics, which had been one of the largest U.S. suppliers of upholstery fabrics.

Shelton said more details about the deal will be released shortly.