Alain Duval becomes sole shareholder of Victor Group

Richard Duval retires from parent of former Quaker Fabrics

Staff Staff -- Furniture Today, August 28, 2008

SAINT-GEORGES, Quebec - Alain Duval, president and CEO of Victor Innovatex, the company that purchased Quaker Fabrics out of bankruptcy, has become sole shareholder of parent Victor Group, and will also become its president and CEO.

Richard Duval, president of apparel and specialty fabrics, will be retiring from managing the family owned company at the end of this week. He plans to pursue new challenges outside the Victor Group.

"I would like to thank Richard for all the years he has worked at our company," Alain Duval said about the change in an internal memo. "His vision, expertise and keen business sense have made a great contribution to the company's success for more than 20 years.

"Our father built this company 60 years ago, and after his departure we handled the company's management together, until today. Richard always made the company's growth his priority and has been able to take advantage of the changing business environment by always keeping the best interests of the group and its employees in mind. He is an outstanding manager."

Victor Group said that the departure of Richard Duval will have no effect on the company, either for Victor Innovatex, of which the former Quaker is a part, and Victor Woolens.

In addition, the company named Yves Coderre as general manager of Victor Woolens. Coderre worked closely with Richard Duval for nearly two years as chief of operations.