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Article: Glenoit ready for life after Ch. 11; slimmed down.
- Article from:
- Home Textiles Today
- Article date:
- October 7, 2002
- Author:
CopyrightCOPYRIGHT 2002 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New York -- As it prepares to turn the page on Chapter 11 later this week--just in time to face retailers at market without having to adopt a defensive "no, honest, we're going to be okay" posture--Glenoit Corp. is about a third smaller than it was a year ago. It is also free of a crushing debt load that drove it into bankruptcy as well as unfettered by its money-losing apparel fabrics business and is ready to slake an appetite for growth it's had to curb for 27 distracting months of coping with creditors, the courts and skeptical retailers.
And letting the marketplace know that Glenoit is back, and in the game for good, new ceo Barry Leonard is betting that his ...
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