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Article: Fruit of the Loom seeks protection
- Article from:
- Chicago Sun-Times
- Article date:
- December 30, 1999
- Author:
CopyrightCopyright 1999 Chicago Sun-Times. (Hide copyright information)
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Fruit of the Loom Ltd., the country's biggest maker of underwear
and T-shirts and once a crowning jewel in former Chief Executive
Officer William Farley's financial empire, filed for Chapter 11
bankruptcy protection Wednesday.
The filing comes amid five straight quarters of losses at Fruit,
whose brand names include Gitano, Pro Player and Wilson.
In the early 1990s, the stock traded near $50 a share. The stock
didn't trade Wednesday on news of the pending bankruptcy filing. It
closed at $1.25 a share Tuesday.
Fruit stock rose to a 52-week high of $19 in January and fell to a
low of $1 two weeks ago amid speculation of a filing.
"I'm not surprised," said Ethan Schwartz, vice president of ...