Burlington House looks to deal shuttered plant
January 1, 2001,
MONTICELLO, AR -Two months after shutting down its tufted rug business, the Burlington House Floor Accents division of Burlington Industries Inc. is negotiating with a management group to sell its Monticello, AR, facility where the tufted rugs were made and distributed.
Burlington Industries announced the closing of the Monticello facility on Oct. 26. As specified in a company-issued press release, Burlington Industries exited tufted rugs and thus closed the facility as part of its restructuring "Five Point Plan," which included efforts to eliminate unprofitable business, improve return on assets and reduce overhead and operating expenses.
Miller approached Burlington in mid- to late November with his purchase proposal.
"We accept it 100 percent," Grogan said. "Now we're just waiting for him to get his financing all lined up."
Grogan said the financing process is "taking a lot longer than we anticipated." Miller was not available for comment.