GGST's newest partner: Franco
October 3, 2003,
New York — Franco Mfg. may emerge as the real winner of yesterday's Pillowtex auction, perhaps taking away some of the home textiles industry's best known brands.
GGST LLC, the original stalking horse bidder, emerged victorious last night after posting a $128 million offer — $72 million more than it originally agreed — for substantially all of Pillowtex's assets. In the end, it outbid another liquidation joint venture headed by PT Partners and The Peters Company by just $500,000.
GGST was originally composed of Gordon Brothers Retail Partners, Gibbs International, SB Capital Group (including Schottenstein) and Tiger Capital Group.
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