• AMI textile factory operations ceased in August 2024
• Equipment sold to United Textile Machinery Corp and Gibbs International Inc
• Sale price of $4M, resulting in $9.02M loss

Merchant House International Limited has announced the sale of the equipment from its American Merchant Inc (AMI) textile factory. The operations of the AMI factory had ceased in August 2024, and the company had been seeking a buyer for the land, buildings, and equipment. Following extensive discussions with potential purchasers, the company has now entered into an agreement to dispose of the equipment. The equipment has been sold for US$4,000,000 to United Textile Machinery Corp (a Massachusetts company) and Gibbs International Inc (a South Carolina company). The terms of the sale include a US$1 million payment on signing, which has been received, and a US$3 million promissory note payable in two installments over the next 60 days. The assets had a book carrying value of A$15.47 million, and the sale price of approximately A$6.45 million has resulted in a loss on sale of A$9.02 million. The company continues to seek a buyer for the land and buildings owned by AMI.