Burlington Files for Bankruptcy Protection
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Burlington Industries Inc., once the largest textile maker in the world, filed for bankruptcy protection, saying it had no choice as it struggles to cope with soft sales, heavy debt and increased competition from cheaper Asian imports.
George W. Henderson, chief executive of the 78-year-old company, also blamed the U.S. government, saying it used the textile industry as a bargaining chip in international relations.
Burlington, based in Greensboro, N.C., also reported a fourth-quarter loss of $76.7 million, or $1.46 a share, compared with a loss of $523.7 million, or $10.05, a year ago, as sales tumbled 23% to $327 million.
Shares of Burlington rose 17 cents to 75 cents on the NYSE.
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