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GGST Completes Pillowtex Purchase

GGST CompletesPillowtex PurchaseGGST LLC, Charlotte, completed its purchase of certain assets of Kannapolis, N.C.-based home textiles manufacturer Pillowtex Corp., which filed for Chapter 11 bankruptcy protection and closed its doors July 30 (See Textile World News, TW, September 2003). GGST a partnership comprised of used textile machinery merchant Gibbs International Inc., Spartanburg; Gordon Brothers Retail Partners, Boston; SB Capital Group, Great Neck, N.J.; and Tiger Capital Group, Westlake Village, Calif. paid $121 million for textile equipment; some of Pillowtexs mills and warehouses; and product brand names including Cannon®, Charisma®, Fieldcrest® and Royal Velvet®. GGST plans to sell off the assets in its possession.The purchase does not include Pillowtexs headquarters and plant in Kannapolis, nor facilities located in Eden, N.C., Dallas, Hanover, Pa., and Tunica, Miss. Pillowtex has enlisted a broker to assist in marketing these facilities to interested parties, according to a Pillowtex spokesperson. December 2003