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ITG employees accept premature retirement

12
Jan '07
Greensboro-based International Textile Group Inc. which provide innovative textile solutions and distinguished fabric brands to apparel, interior furnishing and industrial markets worldwide, revealed that 47 employees who were 55 and above, had taken buyout offers and accepted early retirement during the last two weeks of 2006.

This would help to restructure its domestic platform and face competition in the global marketplace.

The consequences of the buyouts will result in a $3.2 million pre-tax charge during the quarter which ended Dec. 31, 2006.

In December, the company announced it would cut 260 jobs at its historic White Oak denim plant, part of ITG's Cone Denim division.

Some of the subsidiaries of the textile company had signed a $165 million credit line and a $15 million loan with General Electric Capital Corp. and some other lenders.


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