Guilford Mills to Sell N.Y. Plant
GREENSBORO, N.C., (AP) _ Guilford Mills Inc. said Friday it plans to sell its Twin Rivers factory in Schenectady, N.Y., to H. Greenblatt and Co. Terms of the deal were not disclosed.
Guilford’s announcement came just days after the company revealed it would seek federal bankruptcy court protection after striking a deal with its lenders to reduce its $270 million debt to $145 million.
Greenblatt, a print fabric converter that primarily serves the swimwear and intimate apparel markets, plans to keep the Twin Rivers plant in operation.
Earlier this week, Guilford Mills officials said the company expects to emerge from bankruptcy protection primarily as a maker of automotive fabrics, a business it considers less vulnerable to imports.
Once one of the nation’s leading makers of clothing and home furnishing fabrics, Guilford Mills will retain an apparel operation only in Mexico. The company reported a $160.8 million loss in its most recent fiscal year ended Sept. 30.
Its shares sank to 26 cents last month before being dropped from the New York Stock Exchange.
On the Net:
Guilford Mills Inc.: http://www.guilfordmills.com