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Dan River To Close Two Plants

Dan River ToClose Two PlantsDanville, Va.-based Dan River Inc. will close a home fashions weaving plant in Greenville and a comforter sewing plant in Fort Valley, Ga., in an effort to rationalize capacity in its Home Fashions Division. The closures will eliminate approximately 630 jobs and are expected to save approximately $9 million in annual expenses. The company cited lackluster sales and excess inventory at the retail level as contributors to its own sales declines in the first half of 2003. As product demand recovers to more normal levels, the company said it plans to transfer production capacity from the closed plants to Dan River facilities in Danville and Morven, N.C., as well as outsource more product.We expect the companys financial results in the second half of 2003 to be somewhat of a mirror image of the first half, said Joseph L. Lanier Jr., chairman and CEO. As the anticipated recovery in the economy occurs, we should experience a gradual improvement in our results over the last six months of the year. August 2003