Culp Inc. wants to spin a sale of its wet-printed flock (WPF) upholstery unit by the end of its fiscal year, but the company acknowledged it might have a tough time doing so. Culp, based in High Point, N.C., primarily makes furniture upholstery and bedding fabrics. The $100 million market cap company also manufactures velvets and prints. WPF, which provides an alternative method to manufacturing fabrics, accounted for $17.6 million, or 5%, of Culp’s $375 million in revenue for the twelve months ended Jan. 27. It could not be determined by press time if Culp had retained an investment bank to assist it with its review.
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