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Great American Knitting Mills Completes Ridgeview Inc Transaction

BURLINGTON, N.C., Feb 23 /PRNewswire/ -- On Wednesday, February 21, 2001Great American Knitting Mills successfully completed the previously announced asset purchase of Ridgeview, Inc. For GAKM, the components of the deal include the purchase of certain inventory, intangible assets and intellectual properties. To guarantee uninterrupted service to Ridgeview's customers, GAKM will continue to operate certain Ridgeview facilities for a period of time. During this time, a transition team established by GAKM will manage the consolidation of manufacturing, administrative, customer service, and distribution operations into GAKM's systems. Hugh Gaither will resign his current position as CEO of Ridgeview but will be a member of the transition team to insure Ridgeview's customers continue to be fully serviced. Both Gaither and Jim Williams, CEO of GAKM, said they "are pleased that the deal has been successfully completed and their immediate focus is on a seamless transition of the business." Additionally, Williams said, "this asset purchase complements GAKM's already strong portfolio of brands,including GOLD TOE(R), Silver Toe(R), GOLD TOE Gear(TM), and will accelerate the company's planned expansion into the sporting goods market." Great American Knitting Mills, founded in 1919, is based in Burlington,North Carolina, with manufacturing facilities in Newton, North Carolina and Bally, Pennsylvania. GOLD TOE(R), GOLD TOE Gear(TM), and Silver Toe(R) are trademarks of Great American Knitting Mills.SOURCE Great American Knitting MillsWeb Site: http://www.thefashion.orgCopyright 2001 PR Newswire