Icahn to Invest $200 Million More in WestPoint Home

New York — In a show of support for WestPoint Home, investor Carl Icahn, who controls the major mill through his American Real Estate Partners holding company, said he will invest up to $200 million more in WestPoint.

American Real Estate Partners said it will spend $100 million to buy 1 million shares of a new issue of WestPoint Home preferred stock at $100 per share. Another 1 million shares priced at $100 a share will be made available to other investors — and if there are no takers for that second block of stock, Icahn's company said it will purchase those shares as well, for a combined investment of $200 million.

The news would seem to knock down speculation that Icahn has grown impatient with his WestPoint investment.

Icahn's cash commitment is the second dose of good news for the major mill in less than a month, following word the company had cut its third-quarter operating loss by more than half from the preceding second quarter. Additionally, sales edged up by 1.4% during the third quarter, making progress throughout the year in a tough retail environment.

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HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!