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Unifi To Close Mayodan Facility Write-Down Facility And Equipment Values

Unifi Inc., Greensboro, N.C., will close its polyester dyeing facilities in Mayodan, N.C., and consolidate its dyeing operations into its facilities in Reidsville, N.C. Consolidation is expected to be complete by the end of June 2007, at which time the company will explore the sale of the Mayodan facility.

An appraisal of the Mayodan property found that it was recorded on Unifi’s books as more than it was worth. As a result, the company will record a pre-tax impairment charge of $4.4 million in the third quarter 2007 to write down the property’s value. Unifi also will take a $3 million charge to write-down the value of three facilities in Madison, N.C., that it has been unable to sell. A $5.5 million charge will be taken to write down the value of equipment stored at the Madison facility it also has been unable to sell.

In addition, Unifi expects to take a $2.8 million charge on receivables owed to it by Joan Fabrics Corp., which has filed for Chapter 11 bankruptcy (See “Joan Fabrics Files For Chapter 11, www.TextileWorld.com). The $2.8 million charge would be in addition to $2 million owed by Joan Fabrics previously written off. Unifi will also take a $700,000 charge on inventory scheduled for shipment to Joan Fabrics.

April 10, 2007