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The antitrust suit was unsuccessful, and Pillowtex's growth continued unabated. About 4,800 people in North Carolina 7,000 workers nationwide lost their jobs when Pillowtex filed for bankruptcy. Pillowtex officials have released few details about negotiations to sell. By Henry Queen. Pillowtex's Possible Sale Provokes Worry - myplainview.com DALLAS (AP) _ Textiles maker Pillowtex Corp. said Tuesday it has filed for bankruptcy protection from creditors to gain financial flexibility and improve profitability. He instituted loyalty banquets to honor long-time employees. By the mid-1990s, it made everything from basics like pillow protectors and comforter covers to decorative throw blankets and pillows as well as coordinated pillow shams, dust ruffles, and window treatments. [1] The company made over 10,000 products and was an industry leader in manufacturing blankets, pillows, mattress pads, and comforters. It was the first example of Hansen's arrogance toward his latest acquisition, they say.As Hansen's style alienated some workers, he beefed up security systems by installing a keypad entry for executive suites in Dallas and Kannapolis.And he stashed a handgun in his Dallas desk. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. He had admired the company since 1963, when a Fieldcrest Cannon predecessor, Fieldcrest Mills, passed him over for a sales position.Although Hansen spoke often of that rejection, he says he bought Fieldcrest Cannon for the right reason: It made good business sense.In one bold move, Pillowtex went from making pillows and mattress pads to one of the country's biggest suppliers of towels and other home-furnishing products. Heres what to know, Kemp to travel to nation of Georgia, France, The Atlanta training center: Council members explain their votes, AJC Exclusive: Reckless culture off the field marks UGA football team, Six years later: A look back at the I-85 bridge collapse in Atlanta. Rising above the downtown business district, the copper dome of the Core Research Laboratory now dominates the horizon. The 1985 union vote came and went. Everyone thought, What would happen now?. Pillowtex contact info: Phone number: (214) 333-3225 Website: www.pillowtex.com What does Pillowtex do? Notwithstanding its relatively modest growth in the early years, Pillowtex developed a reputation as a potent competitor. They went to church together. 2023 PitchBook. All told, he engineered about 20 deals over two decades. He took about $30 million left in the pension plan after the annuity purchases and used it for his take-over of Occidental Petroleum. Pillowtex emerged from bankruptcy in 2002, with executives saying its debt had been cut to $200 million. In November 2005, the eastern half of the Towel Distribution Center was imploded, and the main office building was completely demolished by the end of the year. We work to advance government policies that protect consumers and promote competition. The Company products include towels, sheets, rugs, blankets, pillows, mattress pads, featherbeds, comforters, and decorative bedroom and bath accessories. In the lore of those he ruled, he was often bigger than life.He was hard-driving and combustible but with a magnetic personality, like any good salesman. They concluded Pillowtex needed a new CEO.They also were concerned for Hansen's health, says Paul Gillease, a board member at the time. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Pillowtex was established in 1954 in Dallas, Texas, as a pillow manufacturer. They were distributed primarily through department stores and mass merchandisers. The down alternative filling made from high quality polyester fiber makes the bedding set hypoallergenic, odorless, and free of harmful chemicals. In 1973, the founder established a long-range succession scheme by promoting Charles "Chuck" Hansen, Jr. to president. "The room fell silent.After a few routine questions, the meeting adjourned. The Observer also relied on press releases, promotional material and other Pillowtex documents. The federal government has awarded the Pinellas Suncoast Transit Authority with nearly $893,000 to test bus automation . He worked at the YMCA for 20 years, but that job dried up. Though in 1995 Hansen had told the Dallas Business Journal's Wayne Carter, "We don't control the stock price; I just try to run the company," by the end of 1996 he took a more considered approach to shareholders' concerns, noting in that year's annual report that "the heart of Pillowtex's mission is the commitment to provide a superior investment return to our shareholders." Pillowtex moved boldly into the blanket segment in the ensuing 30 months, using part of the $53 million proceeds of the IPO to bankroll the acquisition of three blanket companies and two pillow/comforter manufacturers. Some made critical miscalculations. Seven years later they are still fighting for us." . The commissioners agreed to the proposition, and Cannon began work on his new mill. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Now the professorial boss was asked to find a buyer for Pillowtex, even as its finances continued to deteriorate and its prospects for recovery grew slimmer. A lot of the supervisors and high officials lost their jobs.. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Find the resources you need to understand how consumer protection law impacts your business. He opened the first mill in Concord and started spinning yarn. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. "*'Terrific deal'In the world of textiles, Chuck Hansen - 57 when he bought Fieldcrest Cannon - was known as a consummate deal maker. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Nevertheless, net income declined from $13.2 million to a low of $7.7 million in 1994. The company's line of business includes providing various business services. He said if they would build the road, he would pay for it. Jun 9, 2023. You were either a mill worker or you stayed at home with the children, she said, and you were definitely an A.L. You cemented these friendships in school, and you played pick-up football in the cold until your nose ran off and your mother called you in, or you werent going to get any supper.. The company liquidated over the following nine years, including machinery . By 1982, organic growth and acquisitions had boosted the pillow company's sales to about $56 million and made it the leader of the industry. The company tried to alleviate some of its raw materials problems with the $6 million acquisition of Newton Yarn Mills, a North Carolina cotton yarn spinning factory, from Dixie Yarns Inc. in 1995. A week before Christmas 1997, office employees crowded nervously into the Fieldcrest Cannon auditorium. *Stepping downThe end of Hansen's tenure came quietly. Pillowtex Corporation produces and markets household textiles. Jones Day has represented and advised Pillowtex since 1996 in a variety of matters, including corporate, financial, securities, real property, litigation, environmental, intellectual property, labor . Official Pillowtex LLC. 19. Rising in its place is a $1.5 billion biotechnology center dedicated to human nutrition research. A few months later, on August 10, the smokestacks were imploded. "It's like asking a guy who runs a 12-minute mile to suddenly run an eight-minute mile, " says Shimizu, who also was Pillowtex's executive vice president of sales and marketing.He says he failed to realize the seriousness of Pillowtex's problems until it was too late. Cannon Mills workers were proud of their jobs and the products they made. The site is secure. Murdock continued his company purchases as his company, Flexi-Van Corp., merged with the California-based Castle & Cooke, which owned Dole Foods and was suffering major financial problems at the time. 431 likes. But that's only part of the story. Cannon came up with a name for his new village from the Greek words meaning city and looms.. Although he had not originally expected to make a lifetime career at Pillowtex, he told the Dallas Business Journal's Sean Wood that he hoped to make it "the largest and most profitable maker and seller of pillows, comforters and bed pads.". "If it would serve the best interests of this company, " he recalls saying, "then I will step aside. In Concord, the union held demonstrations, but in Kannapolis, machines continued running. Pillowtex Essential Bedding Package | All Season Comforter with Pillowtex: The history and culture of Kannapolis. Few cared to. Your closest friends were near you. Apparatus and method for automatically guiding, trimming, splitting and side hemming continuous textile material, Non woven web based fabric for use as a reinforcing componant in waterproofing lay-ups, Material based on a non-woven fabric useful as a reinforcement layer for water-proofing cover materials, To view Pillowtexs complete patent history, request access, Morningstar Institutional Equity Research. $49.99 $ 49. Search the Legal Library instead. Fieldcrest Cannon sold the company to Dallas-based Pillowtex for $700 million later that year. The closure was a harbinger of the collapse of the American textile industry. The new leader quickly prepared Pillowtex for an initial public offering (IPO) in 1993. After Murdock sold the mill to Fieldcrest, executives moved the companys headquarters to Kannapolis, erected another smokestack at the energy plant and painted FIELDCREST and CANNON on the 175-foot towers. His parents worked for Cannon. Hansen asked the Observer recently. "Critics say the mistakes began that December day in 1997 when Hansen slashed 300 staffers - experienced professionals who might have helped him avoid blunders.The day is still known to some as "Black Friday. *Sinking profitsAs debt rose, profits sank.By the late 1990s, department stores - where Pillowtex made lots of money selling high-end towels and sheets - were losing business to discount stores, such as Wal-Mart and Target.With discounters increasingly turning to cheaper imports, retailers of all kinds began demanding lower prices from suppliers such as Pillowtex. I always will. After an energized 1999 campaign, workers passed a union vote and a new collective bargaining agreement for benefits, sick days and wage increases began. PolitiFact | Pillowtex accusations overstate point "*Sales strategyOthers were less certain.Fieldcrest Cannon director Roger Horchow, a Dallas, Texas, businessman, thought the merger odd. The bankruptcy announcement also included an agreement for Pillowtex assets to be sold to GGST LLC, a joint venture of four liquidation companies (SB Capital Group, Gibbs International, Gordon Brothers Retail Partners and Tiger Capital Group), for $56 million, subject to bankruptcy court approval. The company's line of business includes providing various business services. (The Texas company would further augment its decorative pillow business with the 1991 acquisition of Nettle Creek Corporation.) Hey everyone, it's Mark. We take advantage of the best things we can.. Again. The company combated that tendency with a quick response (QR) program that incorporated electronic data interchange (EDI). Monthly benefits for retirees could rise 10.5% in 2023, according to a recent analysis by The Senior Citizens League, a nonpartisan senior group. That's your business. Pillowtex officials believed Kmart owed the company $11 million, according to internal Pillowtex documents obtained by the Observer.The issue exploded at a spring 2000 meeting in the retailer's Michigan headquarters.Hansen accused Kmart of not paying its bills, people in the room recalled.Kmart Vice President Nick Just shot back, asking why Pillowtex had been late on its deliveries.I feel like pounding your head in right now, Hansen snapped.Another Kmart executive appealed for calm.Within months, Pillowtex and Kmart parted ways. When Mr. Cannon owned the mill, you didnt need a union. [7], On October 7, 2003, Pillowtex won approval from a bankruptcy court judge to sell company assets, including machinery and brands, to GGST LLC for $128 million. Description. I told people that if we voted in the union, they would close the mill, Thelma said. Pillowtex was founded in 1954 by John H. Silverthorne to manufacture bed pillows in Dallas. At its peak, Pillowtex operated 16 manufacturing and distribution facilities and employed over 7,650 people. In 1998, Pillowtex bought The Leshner Corporation for about $75 million. The Company products include towels, sheets, rugs, blankets, pillows, mattress pads, featherbeds, comforters, and . The company is engaged in designing bed pillows, down comforters, mattress pads, bedding products and related home furnishings product under various brand names for its customers in the United States of America. The acquisition tripled Pillowtex's sales. . But, just like Charles Cannon, he worked to keep it out. Nonetheless, he affirmed that the company would continue to pursue growth through acquisition in the waning years of the 20th century, noting in Pillowtex's 1996 annual report the firm's "next major milestone: $1 billion in annual sales.". *ON CHARLOTTE.COM Hear voices of workers and area officials struggling to cope with the aftermath.Chuck HansenHe worked hard, played hard, drove a Ferrari and bought other companies. Few Cannon Mills workers demonstrated. Apple Vision Pro: a Post-Mac, iPhone and iPad Future With New VisionOS Its tradenames included Beacon Manufacturing, Bigelow-Sanford, Fieldcrest Cannon, Leshner Corp. and Wiscassett Mills. Pillowtex spent a further $133 million to consolidate operations, update plants to lower manufacturing costs and implement new information technology systems. Recent Decision in Pillowtex Addresses Elements of the Ordinary Course Pillowtex, which makes towels and pillows under the Royal Velvet, Fieldcrest and Cannon brands, said last week it was in default on $650 million in secured . Bell and Smith-Arrants, 'Former Workers Pick Up Pieces'; Weber, '"Made in the USA"'; 'Plenty of Blame to Go Around for Pillowtex', Charlotte Business Journal, 29 August 2003. KANNAPOLIS A suspect is in custody after a Kannapolis man was shot and killed Wednesday. "*Management styleMeanwhile, Hansen's management style was becoming legendary at the Kannapolis office.On one memorable morning, he stationed two secretaries near entrances to jot the names of workers arriving after 8, according to several employees who worked that day. QR coordinated information shared by the merchandiser and the manufacturer such that when a sales clerk scanned the inventory number of a given product, the network automatically reordered the item from Pillowtex. On July 30, 2003, Pillowtex Corporation announced the complete bankruptcy of the company. Track enforcement and policy developments from the Commissions open meetings. 'It knocked this city to its knees': the closure of Pillowtex Mills in Pillowtex shut its doors and faded away, existing only in court documents in the U.S. Bankruptcy Court in Delaware and in the memories of the workers who operated its looms. Pillowtex Corporation is one of the three biggest producers of bedding and bath textiles in the United States. A 1960 sign welcomes travelers to Kannapolis. "Hansen says although he accepts some blame for what happened on his watch, others were culpable, as well: the Pillowtex directors who oversaw his moves, the banks that pressured Pillowtex into what he saw as an unnecessary bankruptcy - even other Pillowtex executives. Man charged with concealing body. Pillowtex Corp | Encyclopedia.com Wheat, First Securities' late 1996 analysis of Pillowtex forecast earnings growth of 22 percent in 1997, as efficiencies from its earlier acquisitions began to take effect and the company paid down substantial amounts of debt. He built Cannon Village as a one-stop shopping center for Cannon products. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. He told them that they had everything they needed, that we didnt need the union at Cannon Mills.. The YMCA hosted youth sports leagues. Growing up in the mill village, you always had someone to play with, he said. Rutledge welcomed Murdock to Kannapolis, and Murdock assured them that the Cannon legacy would remain and changes would be slow. Pillowtex 95/5 Duck Feather and Down Pillow for Sleeping - Firm Pillow Perfect for Side Sleepers! If you are looking for a single pillow, or if you are interested in placing a wholesale order, our friendly staff are prepared to help you find the perfect fit. Pillowtex's revenues rose to $490.7 million in 1996, and its net climbed to more than $14 million. Pillowtex emerged from bankruptcy in 2002, with executives saying its debt had been cut to $200 million. Find legal resources and guidance to understand your business responsibilities and comply with the law. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. Although Murdock brought the company into a new era, many employees felt they werent getting the same treatment under his leadership and a push for a union intensified. The company and politicians blamed global trade. After World War II, Cannon continued that expansion, and Kannapolis grew with it. The brands "Cannon", "Royal Velvet", "Charisma", and "Fieldcrest" became the intellectual property of SB Capital. Once again, the union lost. In fact, he says, it was the computer, not his strategy of chasing low-margin business, that contributed to the Kannapolis overflow.Unable to track some shipments, Pillowtex could not bill for all the sheets and towels it sold, he says.Meanwhile, other problems surfaced.On Oct. 21 that year, Pillowtex warned analysts to expect its first quarterly loss since the merger. The bankers left. And at seven oclock, it blew again, and if you werent at work yet, you knew you were late.. The .gov means its official. While its shares were publicly traded, company insiders continued to control a majority stake through early 1997. The Towel City Theatre chain entertained mill workers on Saturdays. Pillowtex Dream in Color Pillow is medium in firmness and is great for . Most of the speculation has centered on Springs Industries of Rock Hill, S.C., as the leading bidder to buy Pillowtex. The City of Concord agreed to enter into a mutual contract with the City of Charlotte on Thursday night, which will assign Charlottes plannin. He tore down the old YMCA building Charlie Cannon built and erected a new one and a senior center on West C Street. It was a great time, and as we go along in life, we appreciate it more and more, Laney said. He posted machine guns on the roofs of the mills as a visible sign of managements feelings toward unions. Pillowtex - Overview, News & Competitors | ZoomInfo.com Detour Obituaries Sports Legends Know Your 704 Business The leaders who lost Pillowtex: An outsider pushed for big changes By Adamn Bell, Tony Mecia - Charlotte Observer archives Updated July. Mill workers stuck together like family. 4.5 out of 5 stars 8. He regarded managers there as slow-moving, indecisive and consumed by "endless meetings and committees. Even away from the mill, workers stuck together. All rights reserved. Read more Home Collections Showing 110 results for "Pillowtex" Best Selling Product type Pillow 31 Plush Animal Pillow 24 Pillow Protector 7 Body Pillow Cover 6 Body Pillow 5 Comforter 5 Weighted Blanket Cover 4 Pillowcase 3 Pillowtex Corporation was a United States textile manufacturing company from 1954 to 2003. "I, for one, never realized how powerful a force foreign suppliers to this industry would be, " he says.In addition to low prices, retailers began demanding increased concessions. . Pillowtex grew so fast in the late 1980s that one competitor filed suit against it, charging that the company had violated antitrust laws and was becoming a monopoly. Fieldcrest Cannon executives hired public relations firm B&C Associates to launch an anti-union campaign in Kannapolis black communities. "Rather than make a corporate decision to change the company, we piddled it, and we just did it in a small way, " said Ed Hosack, general manager of sheet manufacturing and operations and a 19-year veteran of the company. [3], In November 2000, Pillowtex filed for Chapter 11 bankruptcy protection. The cuts he ordered were to save money as he sought to build Pillowtex into a textile superpower.Three years later, Pillowtex plunged into bankruptcy protection. Pillowtex Corp. Pillowtex Corporation produces and markets household textiles. He constructed a small mill village where his workers could live. The leaders who lost Pillowtex: An outsider pushed for big changes Copyright (c) 2022 Company-Histories.com. For the next four decades, the union stayed away from Cannon Mills because its workers remained loyal to Uncle Charlie., We didnt need the union, Thelma Honeycutt said. Archeologists Discover Tiny 12,000-Year-Old Flutes in Israel, Alabama, other coastal states building tougher homes on barrier islands, What a Miami trial means for Trump's docs case, Project Deep Earth: Chinese oil company to drill 11km hole. But Pillowtex, like most of the American textile industry, was still in trouble. Discover more about the small businesses partnering with Amazon and Amazon's commitment to empowering them. Official Pillowtex LLC - Company Profile and News Mike Blake | Reuters. That was indicating to people that it was time to go to work. Pillowtex Corporation | Federal Trade Commission Pillowtex Corporation was a United States textile manufacturing company from 1954 to 2003. A group of community leaders, lead by the late Kannapolis attorney and former state senator, Carlyle Rutledge, met with Murdock early during his ownership. Pillowtex Careers and Employment Overview | Indeed.com Principal Subsidiaries: Beacon Manufacturing Company; Tennessee Woolen Mills, Inc.; Manetta Home Fashions, Inc.; Torfeaco Industries Limited (Canada). Police Chief Woody Chavis grew up in a Kannapolis mill house. Most of the speculation has centered on Springs Industries of Rock Hill, S.C., as the leading bidder to buy Pillowtex. The lawsuit arose from Pillowtex's 1987 acquisition of Sumergrade Corporation, a North Carolina manufacturer. By the mid-1990s, all but about ten percent of the company's customers placed their orders through EDI, leading analysts with Wheat, First Securities to call Pillowtex "one of the most technologically integrated and advanced" of pillow and blanket manufacturers.

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