So by now most of you have probably heard the 'rumors' about DMC declaring bankruptcy. A lot of the news articles are in French. But I found one site that has them declaring bankruptcy in 2006. That's right. Two years ago. French law and American law are not necessarily the same thing.
Read the Don't Panic take on it by whizgidget wonders.
I like Anchor better anyway...
3 comments:
Donna,
I just got an email from DMC tonight (I subscribe to their message board..) with the following:
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 to the courts that may occur in France.
We are financially secure and fully prepared to conduct business as usual here 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.
Joseph D. McCabe
President/CEO
DMC, Inc.
Got this press release from DMC by e-mail. I'm sure their site has info too.
DMC PRESS RELEASE
APRIL 30, 2008
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 to the courts that may occur in France.
We are financially secure and fully prepared to conduct business as usual here 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.
Joseph D. McCabe Â
President/CEOÂ Â Â
DMC, Inc.  Â
 Â
Maybe they weren't successful using operational restructuring. In that case, the strategies being use is not effective.
Our hope then is opening a new business. Then , never make wrong strategies again.
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