Springs Global Sells Creative Products Business

Springs Global US Inc., Fort Mill,
S.C., has sold its fabric and specialty product business, Springs Creative Products Group, to
Derick Close for an undisclosed price. Close has managed the business, which employs about 160
associates, since 2000.

Operating as Springs Creative Products Group LLC with the trade name Springs Creative, the
company — which sells sewing and craft fabrics, and specialty and licensed products to regional and
national retail customers — will retain its distribution center as well as its design, sales and
marketing offices in Rock Hill, S.C.

According to Crandall Close Bowles, co-chairman and co-CEO, Springs Global, Springs Creative
was operating as a somewhat independent niche business within Springs Global. “We believe this sale
will allow Creative Products to better control its destiny and grow,” she said.

“I am excited about this opportunity to control and grow this business,” said Derick Close. “
Our products and customer base are unique, and our success is based on continually innovating and
developing new products for customers and consumers.”

March 6, 2007