Riverpoint Lace Works goes to buyer who will keep it open
7:00 PM Fri, Jan 25, 2008 | Permalink
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An investment group has purchased the Riverpoint Lace Works in West Warwick, preserving more than 50 manufacturing jobs. In November, the business filed for state receivership, a form of bankruptcy, raising the possibility that its equipment could be sold for scrap to pay back creditors. Instead, the Palmisciano-Ponte Investment Group bid $300,000 to buy the company and continue operating it, Peter Palmisciano Jr. said during a press conference tonight. "We saw an opportunity," Palmisciano said. "We feel we can walk in and help businesses turn around." -- Journal staff writer Benjamin Gedan 
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