Westpoint Stevens (NASDAQ:WSPT)
Historical Stock Chart
From Dec 2019 to Dec 2024
WestPoint Stevens' Asks to Extend Exclusive Right to File Chapter 11 Plan
WEST POINT, Ga., March 26 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc.
(BULLETIN BOARD: WSPT) ( http://www.westpointstevens.com/ ) today announced that
it had filed a motion with its Bankruptcy Court to extend the Company's
exclusive right to file a chapter 11 plan until July 29, 2004. The extension
will provide the Company with the necessary time to complete its 5-year business
plan.
M.L. (Chip) Fontenot, the Company's President and Chief Executive Officer, said,
"Completion of the business plan is fundamental to our emergence from chapter
11. In light of the rapid globalization of our industry, it is important that
we take the time to thoughtfully consider the optimal business strategies for
the Company as we prepare to discuss a chapter 11 plan with our creditors."
WestPoint Stevens Inc. is the nation's premier home fashions consumer products
marketing company, with a wide range of bed linens, towels, blankets, comforters
and accessories marketed under the well-known brand names GRAND PATRICIAN,
PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY PEPPERELL,
SEDUCTION, VELLUX and CHATHAM -- all registered trademarks owned by WestPoint
Stevens Inc. and its subsidiaries -- and under licensed brands including RALPH
LAUREN HOME, DISNEY HOME, and GLYNDA TURLEY. WestPoint Stevens can be found on
the World Wide Web at http://www.westpointstevens.com/ .
Safe Harbor Statement: Except for historical information contained herein,
certain matters set forth in this press release are "forward looking statements"
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties may be attributable to
important factors that include but are not limited to the following: Product
margins mayvary from those projected; Raw material prices may vary from those
assumed; Additional reserves may be required for bad debts, returns, allowances,
governmental compliance costs, or litigation; There may be changes in the
performance of financial markets or fluctuations in foreign currency exchange
rates; Unanticipated natural disasters could have a material impact upon results
of operations; There may be changes in the general economic conditions that
affect customer practices or consumer spending; Competition for retail and
wholesale customers, pricing and transportation of products may vary from time
to time due to seasonal variations or otherwise; Customer preferences for our
products can be affected by competition, or general market demand fordomestic
or imported goods or the quantity, quality, price or delivery time of such
goods; There could be an unanticipated loss of a material customer or a material
license; The availability and price of raw materials could be affected by
weather, disease, energy costs or other factors; The future results of
operations may be adversely affected by factors relating to the Chapter 11
proceedings. The information contained in this release is as of March 26, 2004.
WestPoint Stevens assumes no obligationto update publicly any forward-looking
statements, contained in this document as a result of new information or future
events or developments.
Contact: Lorraine D. Miller, CFA
Senior Vice President - Finance and External Communications
Phone: 404.378.0491
DATASOURCE: WestPoint Stevens Inc.
CONTACT: Lorraine D. Miller, CFA, Senior Vice President - Finance and
External Communications of WestPoint Stevens Inc., +1-404-378-0491
Web site: http://www.westpointstevens.com/