R.L. Stowe To Close After 108 Years
Belmont, N.C.-based R.L. Stowe Mills Inc., a family-owned sales yarn manufacturer that has been in
business since 1901, has announced it will close its doors.
The company. which spins and dyes cotton and cotton-blend yarns at four plants including two in Belmont and two in Chattanooga, Tenn., has given an official 60-day notice of termination to its 550 employees, but President and CEO D. Harding Stowe said the actual timing will depend on business conditions.
“Business conditions in the fourth quarter deteriorated suddenly and dramatically,” Stowe said. “Looking forward, management does not see sales returning to levels sufficient to sustain business. We will work with employees, customers and suppliers on an orderly wind down of our business.”
Stowe said the company plans to liquidate its assets. “Certainly, our first choice would be that we would liquidate as ongoing businesses and that another textile business would have an interest in these operations,” he said.
January 6, 2009