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DMC Clarifies Parent Company Action
Posted by: BillGardner | May 1, 2008
DMC Corp. president Joseph McCabe issued the following statement to clear up any misconceptions regarding restructuring plans at the DMC corporate office in France. “In recent days, there has been a significant amount of information in the form of press releases, media reports, etc., regarding financial difficulties and operational restructuring plans at the DMC corporate offices in France. Those activities and court filings within the legal system in France are directed towards seeking a formal resolution for two divisions within the DMC Corporation (Sportswear fabric and a small chain of retail stores found only in France) that are not related to the embroidery thread and craft activities, which remain the core business of the corporation. “In addition, the U.S. division of DMC operates as a separate legal and financial entity with its own financing, receivables, payables, etc., and as such, is not included in any legal filing or petitions of the courts that may occur in France. “We are financially secure and fully prepared to conduct business as usual her in the U.S. “DMC has been manufacturing needlework threads for 262 years and we remain committed to providing stitchers with the highest quality embroidery floss, specialty threads, needlework fabrics and other supplies they need to continue to enjoy the wonderful art of needlework. We look forward to continuing to serve all of our customers and loyal users of DMC products into the future.”
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