Springs Board Appoints Special Committee

FORT MILL, S.C., Feb. 22 /PR Newswire/ — Springs Industries, Inc.(NYSE: SMI) announced today that
its Board of Directors has created a special committee composed of all the independent directors of
Springs to consider the proposal made February 20, 2001 by the Close family and Heartland
Industrial Partners, L.P. to take Springs private. The special committee has hired UBS Warburg as
its financial advisor, and Sullivan and Cromwell as its legal advisor, to assist the special
committee in its consideration of the proposal.Springs does not anticipate making any additional
public statements regarding the proposal until the special committee has determined whether or not
to approve the proposal. Springs Industries (NYSE: SMI) supplies leading retailers with a complete
line of sheets, towels, comforters, window treatments and other coordinated home fashions designed
to simplify home decorating for every consumer. Our major brands are Wamsutta(R), Springmaid(R),
Graber(R),Bali(R), Nanik(R), and Dundee(R). Springs also markets bed and bath products for
institutional and hospitality customers, home sewing fabrics, and baby bedding and baby apparel
products. The company operates facilities in 13 U.S.states and owns marketing and distribution
subsidiaries in Canada and Mexico.SOURCE Springs Industries, Inc.Web Site:
http://www.springs.comCopyright 2001 PR Newswire