Burke Mills moves toward liquidation
September 3, 2008-- Home Textiles Today,
Valdese, N.C. – Specialty yarn manufacturer Burke Mills will lay off “all but a skeleton administrative staff” on Nov. 1, the company said.
The mill issued a WARN Act notice (of impending layoffs) to its employees, upon the decision by the board of directors to adopt a plan of liquidation. The plan will be submitted to shareholders for approval at a special meeting in late September, according to Burke Mills.
Burke Mills was founded in 1948 as a yarn dyehouse here. Last year it reported a net loss of $1.9 million on sales of $19.6 million, the latest in a series of annual losses. Through the first six months of 2008 the company reported a net loss of $630,429 on sales of $8.3 million