Still interested in P'tex

Don Hogsett, June 16, 2003

Only weeks before its bankruptcy filing, WestPoint was still in the running to acquire rival Pillowtex Corp. — and still hasn't given up on acquiring its powerful stable of brands.

"We put in a bid for Pillowtex," WestPoint interim ceo Chip Fontenot confirmed. "We could have combined the two companies. Even with our balance sheet, we could have supported it. But Springs came in with a higher officer — and then they withdrew," he said. And by then the clock was ticking on its bankruptcy filing.

And while the ultimate fate of Pillowtex is still up in the air — speculation still abounds about a possible suitor from across the waters — should the brands ever become available, possibly in an auction, WestPoint could still be in the running, if not directly, he said.

Although WestPoint's hands are tied while it's in bankruptcy, the three big bondholders who will eventually own the major mill after it emerges from Chapter 11 could buy the brands on its behalf, Fontenot noted.

"We can't do it, but that's not to say the new owners couldn't. If we can make a strong case for buying Pillowtex or its brands, and I think we can, there's no reason they couldn't buy them and merge them into the company after it emerges from bankruptcy."

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!