Unifi in the red, looks for solutions
By Staff -- Home & Textiles Today, 10/20/2005 12:10:00 PM
GREENSBORO, N.C. -- Raw material-based yarn producer and processor Unifi Inc. is exploring strategic business alternatives -- including a potential merger or sale of the company, and the restructuring of its outstanding debt -- to improve shareholder value.
This news comes on the heels of a weak first quarter that posted a net loss of $5.7 million or 11 cents per share in net income from continuing operations, compared to a net loss of $1.2 million or 2 cents per share during the same period last year.
Aside from potential merger, sale or restructuring of debt, Unifi’s management is studying other alternatives, including: growing the business by expanding within the textiles industry, including into low-cost locations worldwide; and expanding in non-textiles-related businesses.
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