Culp, Inc. filings document material events for a public fabric manufacturer focused on bedding and upholstery markets. Recent reports include earnings-related 8-K disclosures, forward-looking risk language tied to housing demand, home furnishings demand, tariffs, international operations, freight, labor and raw-material costs, and the company’s global manufacturing and sourcing model.
The filing record also covers corporate-status and governance matters, including the voluntary withdrawal of Culp’s common stock from New York Stock Exchange listing registration through Form 25, its transfer to Nasdaq under the CULP symbol, board and officer changes, director independence and committee service, annual meeting voting results, auditor ratification, and advisory executive-compensation votes.
Culp, Inc. reported continued losses for the period ended February 1, 2026, but results improved compared with the prior year. Net sales for the three months were $47,965,000 versus $52,253,000, with a net loss of $3,432,000 versus $4,126,000. For the nine months, net sales were $151,859,000 versus $164,464,000, and the net loss narrowed to $7,969,000 from $17,031,000, helped by a $4,000,000 gain on the sale of a Quebec facility and other restructuring credits.
Gross profit improved year to date despite lower sales, and restructuring moved from a $6,317,000 expense to a $2,425,000 credit. Cash and cash equivalents rose to $9,687,000, while borrowings on lines of credit increased to $18,533,000. The company is consolidating bedding and upholstery operations into a single Culp-branded platform and recorded impairments on certain Read-related intangibles, reflecting pressure in that business.
Culp, Inc. reported third-quarter fiscal 2026 net sales of $47.965 million, down 8.2% from $52.253 million a year earlier, as home furnishings demand remained soft and weather reduced shipping days. Gross profit was $5.323 million, or 11.1% of sales, compared with 12.1% last year.
The company posted a net loss of $3.432 million, or $0.27 per diluted share, an improvement from a $4.126 million loss, or $0.33 per share. For the first nine months, net loss narrowed to $7.969 million from $17.031 million, helped by restructuring credits and cost actions.
Bedding segment sales were $27.283 million, down 4.7%, while upholstery sales were $20.682 million, down 12.4%. As of February 1, 2026, Culp held $9.687 million in cash, $18.533 million of debt and total liquidity of about $27.7 million, with adjusted free cash flow of negative $1.030 million for the nine-month period.
Management highlighted completion of major integration and restructuring initiatives, expects sequential sales growth and better margins in the fourth quarter, and noted potential but uncertain reimbursement of an estimated six to seven million dollars of previously paid IEEPA tariffs.
Culp, Inc. submitted a Form 25 notifying removal of its common stock, par value $0.05, from listing and registration under Section 12(b) of the Securities Exchange Act. The notification was signed by Justin M. Grow, VP, General Counsel and Corporate Secretary on March 5, 2026.
Culp, Inc. plans to move its stock exchange listing from the New York Stock Exchange to the Nasdaq Capital Market. Acting under board authorization, the company notified the NYSE of a voluntary withdrawal of its common stock listing.
Trading in Culp’s common stock is expected to end on the NYSE at market close on March 5, 2026, and begin on Nasdaq at market open on March 6, 2026. The shares have been approved for listing on Nasdaq and will continue to trade under the ticker symbol “CULP”.
Management describes Nasdaq as a listing venue more closely aligned with companies it considers peers and expects a seamless transition for shareholders, while acknowledging typical forward-looking risks such as potential timing delays or market disruptions during the transfer.
Gate City Capital Management and managing member Michael Melby report beneficial ownership of 737,301 shares of Culp, Inc. common stock, representing 5.8% of the class as of the event date 12/31/2025.
They report sole voting and dispositive power over all 737,301 shares and no shared power. The shares are held by private investment funds and managed accounts advised by Gate City Capital. The position is certified as being held in the ordinary course of business and not for the purpose of changing or influencing control of Culp.
Culp Inc. director files amended initial ownership report showing no direct shares. The Form 3/A lists the reporting person as a director of Culp Inc. and reports beneficial ownership of 0 shares of common stock in direct form.
The footnote explains that the director may be deemed part of a Section 13(d) group that collectively owns more than 10% of Culp’s outstanding common stock. However, he expressly disclaims beneficial ownership of securities directly owned by other members of that group for Section 16 and other purposes.
CULP INC director files initial ownership report showing no direct shares
CULP INC director Mark Wilson filed an initial Form 3 stating that he directly owns 0 shares of the company’s common stock. This form establishes his baseline ownership position as he becomes subject to insider reporting rules.
The filing notes he may be deemed part of a Section 13(d) group that collectively holds more than 10% of CULP’s common stock, but he expressly disclaims beneficial ownership of the securities held by that group. The report states it should not be viewed as an admission that he beneficially owns those shares for Section 16 or any other purpose.
Culp, Inc. reported that its Board of Directors elected Mark Wilson as a director, effective immediately, to fill the vacancy created by the December 11, 2025 resignation of Alexander B. Jones. Wilson is General Counsel for 22NW Fund, LP, a party to Culp’s June 6, 2025 Cooperation Agreement, and his election and planned nomination for re-election at the 2026 annual meeting are made pursuant to that agreement.
The Board determined that Wilson is independent under Culp’s Corporate Governance Guidelines and New York Stock Exchange rules and appointed him to the Strategy Committee. As a non-employee director, he will receive an annual cash retainer of $55,000, prorated for fiscal 2026, and is normally entitled to an annual equity grant of restricted stock units with a grant date fair value of $55,000. Because of his election date, he will not receive an equity grant until after the 2026 annual meeting. Culp also plans to enter into its standard Indemnification Agreement with Wilson.
Culp, Inc. reported upcoming leadership changes in its finance organization. Executive Vice President, Chief Financial Officer, Treasurer and principal financial officer Kenneth R. Bowling has notified the company of his plan to retire at the end of calendar year 2026 after approximately 30 years with the company. He will remain in his current role until the earlier of December 31, 2026, or the appointment of his successor, and will receive his current compensation and eligible benefits through December 31, 2026, while assisting with a strategic and orderly transition. The company has begun a comprehensive external search for a new chief financial officer.
Separately, Ronald S. Chandler, Vice President and Corporate Controller and the company’s principal accounting officer, has decided to resign effective February 13, 2026, and will serve in his current role until that date. After his resignation becomes effective, Mr. Bowling will assume the role and responsibilities of principal accounting officer on an interim basis. The company stated that neither Mr. Bowling’s planned retirement nor Mr. Chandler’s resignation is due to any disagreement regarding operations, policies, or practices.