Atherstone was once an important hatting town, and became well known for its felt hats. The industry began in the 17th century and at its height in the early 20th century there were seven firms employing 3,000 people. Due to cheap imports and a decline in the wearing of hats, the trade had largely died out by the 1970s with just three companies remaining, Denham & Hargrave Ltd, Vero & Everitt Ltd and Wilson & Stafford Ltd. The production of felt hats in the town ceased altogether with the closure of the Wilson & Stafford factory in 1999. As of 2018 the factory has received the go-ahead to be redeveloped into canalside residential apartments.