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Knitting / Apparel

JPS Apparel Fabrics Files For Bankruptcy Protection

JPS Apparel Fabrics Corp., Greenville, S.C., has filed a voluntary petition for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. The move was made in order to expedite the sale of substantially all of its business and assets to a third party.The company is also restructuring current operations in order to reduce monthly operating expenses. Reductions are being made across all departments, while all operating functions have been preserved and service continues to all customers.The restructuring has resulted in the cessation of spinning operations at the companys Watts Plant in Laurens, S.C., and the absorption of that production into the spinning capacity at the Monaghan Plant in Greenville. In addition, the company has closed its South Boston plant in South Boston, Va. Approximately 579 employees have been affected by these moves.


September 2001




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