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Burlington To Sell Bedding Window Businesses

Burlington To SellBedding, Window BusinessesGreensboro, N.C.-based Burlington Industries Inc. and Fort Mill, S.C.-based Springs Industries Inc. have signed a letter of intent for the sale of Burlingtons bedding and window consumer products businesses.At TWs presstime, the companies were in the process of negotiating a definitive agreement.The purchase by Springs, which is subject to the approval of the U.S. Bankruptcy Court, would include certain assets, inventory and intellectual properties, including a license to use the Burlington House® name. As well, the companies plan to enter an agreement for jacquard and decorative fabrics for certain Springs home furnishing product lines.George W. Henderson III, Burlington chairman and CEO, said, We are excited by the opportunity to partner with Springs. As a leader in the home fashions industry they have the ability to grow these product lines and represent the Burlington House name in the market. The sale of these businesses will enable Burlington to focus our resources on growing our strong interior fabrics business. April 2002