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Organic wool firm, undergoes voluntary liquidation

26
May '10
Vermont Organic Fiber Co, an organic wool company, which intended to tap into the new market of green-clothing, is soon to undergo voluntary liquidation.

Hence, the company is shutting down and its business of trading organic wool and wool-products will also come to an end. The company's line of hand-knitting yarns, O-Wool, will be sold under the new ownership.

According to Matt Mole, President of the company, global economic downturn and complex banking environment were the key reasons for the closure of the company.

More so, the annual revenue of the company in the year 2008 was $1 million, which was expected to amplify by 50 percent during the year 2009.

The company, which was established in the year 2000, was selling its wool as knitting yarn to yarn shops; and as yarn and fabric to other firms such as J. Crew and Timberland. A regular fabric garment designer, Bodkin, also made use of this wool.

Fibre2Fashion News Desk - India


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