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Article: Glenoit's Shanghai connection. (Textile Report).(Glenoit Fabrics owned by Haixin Co.)
- Article from:
- WWD
- Article date:
- September 3, 2002
- Author:
CopyrightCOPYRIGHT 2002 Conde Nast Publications, Inc. 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 -- With a new president and new owners, knitting mill Glenoit Fabrics has found a new lease on life.
This spring, the Shanghai-based textile firm Haixin Co. acquired the apparel-fabrics business of Glenoit Corp, which has been operating under Chapter 11 protection since August 2000, But the first meeting between the mill and its new Chinese backers didn't happen at a bankruptcy-court auction.
The common thread between the two companies is Larry Levine, a former Glenoit Corp. executive who Haixin brought back to the company as president and chief operating officer of the Glenoit Fabrics business. (Still in bankruptcy, Glenoit Corp continues to ...