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Article: Ralph, left holding bag, still supportive of WPS.(Ralph Lauren Home, WestPoint Stevens)(Brief Article)
- Article from:
- Home Textiles Today
- Article date:
- June 16, 2003
CopyrightCOPYRIGHT 2003 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Even though Ralph Lauren Home was left holding the bag on the WestPoint Stevens bankruptcy, owed more than $3 million, the two companies are still tied together, with no change contemplated in the relationship.
One big surprise in the WestPoint bankruptcy was the conspicuous positioning of Ralph Lauren Home as the big mill's third-largest unsecured creditor, just behind Bank of New York.
"That's the royalties we owed them," explained Chip Fontenot, interim ceo at the major mill.
Even though bankruptcy allows both parties to review licensing agreements, and even though Lauren came up short in the bankruptcy filing, the marriage is ...