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In 1953, the rug business was sold to a Boston investment company and reincorporated, reusing the name Fieldcrest Mills. That company merged with the textile company Cannon Mills to become Fieldcrest Cannon in 1986, resulting in a bankruptcy as well as mass layoffs and labor disputes. In 1993, Mohawk Industries purchased the Karastan business ...
A portion of the Karagheusian Rug Mill as it stood, long abandoned, in Freehold in 1990. The faded "Gulistan" name can be seen in the center. A. & M. Karagheusian, Inc. was a rug manufacturer headquartered at 295 Fifth Avenue in Manhattan. Manufacturing was located in Freehold Borough, New Jersey and operated for 60 years before closing in 1964 ...
State University of New York Press, Albany 1994, p. 110–111. Antony Wynn: Three Camels to Smyrna: Times of War and Peace in Turkey, Persia, India, Afghanistan & Nepal 1907–1986. The Story of the Oriental Carpet Manufacturers Company. Hali Publications 2008. ISBN 978-1-898113-67-6.
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The first World Oriental Carpet Exhibition in 1891 in Vienna and another one in London in 1892 created a rising demand for Persian rugs in the west. Companies such as the British-Italian Nearco Castelli Brothers and the Eastern Rug Trading Company of New York established their branches in 1909 in Tabriz and later in Kerman.
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