JOFFAJamaica Ornamental Fish Farmers Association
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"Our intention is to run Lee Joffa as a separate company, to distinguish it and separate it as far as distribution is concerned," says Carey Kravet, a principal in Kravet Fabrics.
The purchase of Lee Joffa will put Kravet into that business.
"The addition of Lee Joffa allows us to address three significant markets - Kravet as a broad-range jobber with upper to middle product, Lee Joffa with upper to upper-upper product and Portfolio with piece-goods sales," says Kravet.
Kravet says that he expects to close the deal for Lee Joffa within the next month.
The Lee Joffa name will give Kravet the clout it needs to do business in the $18 and over fabric assortment.
Kravet says the company plans to close Lee Joffa's warehouse in New Jersey and move Joffa's products to the Kravet warehouse in Bethpage, N.Y.
The synergies will come operationally and administratively." Lee Joffa's president, Bill Roschen, and chief financial officer, Jack Farfel, are reportedly staying on board, and Kravet says that the company will try to retain as many of the administrative and operations people as possible.
According to industry sources, Lee Joffa has had financial difficulties.
Kravet says, "The biggest change the sales people are going to have is a whole lot of new product that has been in development for a while and a greatly enhanced amount of new product." Kravet's sound financial base, he says, will allow Lee Joffa to increase its product offering.