Exhibit 99.1
Contact: | Lorraine D. Miller, CFA |
| | Senior Vice President |
| | Finance and External Communications |
| | 404.378.0491 |
FOR IMMEDIATE RELEASE
WESTPOINT STEVENS FILES PLAN OF REORGANIZATION
WEST POINT, GEORGIA (January 21, 2005) -- WestPoint Stevens (OTCBB: WSPTQ)(www.westpointstevens.com) ("WestPoint Stevens" or the "Company") announced that, late yesterday afternoon, it filed its proposed Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court for the Southern District of New York.
The Disclosure Statement and the Plan of Reorganization can be accessed on the Company's website atwww.westpointstevens.com.
WestPoint Stevens Inc. is the nation's premier home fashions consumer products company, with a wide range of bed linens, towels, blankets, comforters and accessories marketed under the well-known brand namesGRAND PATRICIAN, PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY PEPPERELL, SEDUCTION, VELLUX andCHATHAM -- all registered trademarks owned by WestPoint Stevens Inc. and its subsidiaries -- and under licensed brands including CHARISMA, RALPH LAUREN HOME, DISNEY HOMEand GLYNDA TURLEY. WestPoint Stevens can be found on the World Wide Web atwww.westpointstevens.com.
Safe Harbor Statement: Except for historical information contained herein, certain matters set forth in this press release are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties may be attributable to important factors that include but are not limited to the following: Product margins may vary from those projected; Raw material prices may vary from those assumed; Additional reserves may be required for bad debts, returns, allowances, governmental compliance costs, or litigation; There may be changes in the performance of financial markets or fluctuations in foreign currency exchange rates; Unanticipated natural disasters could have a material impact upon results of operations; There may be changes in the general economic conditions that affect customer practices or consumer spending; Competition for retail and wholesale customers, pricing and transportation of products may vary from time to time due to seasonal variations or otherwise; Customer preferences for our products can be affected by competition, or general market demand for domestic or imported goods or the quantity, quality, price or delivery time of such goods; There could be an unanticipated loss of a material customer or a material license; The availability and price of raw materials could be affected by weather, disease, energy costs or other factors; The future results of operations may be adversely affected by factors relating to the Chapter 11 proceedings. The information contained in this release is as of January 21, 2005. WestPoint Stevens assumes no obligation to update publicly any forward-looking statements, contained in this document as a result of new information or future events or developments.
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