Tuesday, April 29, 2008

What if they ran out of yarn?

I just got the following from one of my stitching friends:
"Have you heard that DMC is declaring bankruptcy? I don't have the news links at the moment, but I'm sure you can look it up. Since the company is based in France, most of the articles are in French and need to be run through a translator.

Apparently the factories are shut down all the employees laid off. But I don't know if there is a seperation between the French and American branches of the company. There's nothing about this on the American DMC website."
The company issued a press release last week (here) that they've suspended trading in their shares (first step for a restructuring, pretty standard, but it means they've taken a really
heavy financial hit), which follows up the February announcement of the restructuring (press release here).

Has anyone heard any information about this? I'm feeling a lot less bad about 20 years of
floss hoarding right now, believe me!

Crossposted to The Stitching Blog

1 comment:

  1. Wow, if this is really true then I just became a millionaire!!! I have so much floss in my house it is embarrassing. How many 310's do you own? Who's laughing now? LOL (hysterically)


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