The Scranton Lace Company was the world leader in Nottingham lace and also produced tablecloths, napkins, valences, and shower curtains, among many other types of lace items. During the 1940s, the company teamed up with subsidiaries such as Victory Parachutes, Inc. and Sweeney Bros. to manufacture parachutes and camouflage netting. Though the company prospered well into the 1950s but risky investments involving Hal Roach Studios and the fledgling television industry placed the company in financial peril and eventually led to its closure in 2002.
The facility featured a theater, bowling alley, gymnasium, infirmary, clock tower and other amenities. On January 31, 2011, the Scranton City Council gave final approval to Lace Building Affiliates to redevelop the Scranton Lace Complex.