SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 5, 1996
BURLINGTON INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10984 56-1584586
(State or other juris- (Commission (I.R.S. Employer
diction of incorpora- File Number) Identification No.)
tion)
3330 West Friendly Avenue, Greensboro, North Carolina 27410
(Address of principal executive offices) (Zip Code)
(910) 379-2000
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
On June 5, 1996, the Company announced that it would close its
Knitted Fabrics division with production to be phased out over the succeeding
three month period. The division produces knitted fabrics for use in men's,
women's and children's sportswear and active wear and in occupational apparel,
including uniforms for employees in the fast food industry.
The division's assets include manufacturing plants in Wake Forest
and Denton, North Carolina, which will be closed. The division's plant in
Cramerton, North Carolina will continue to operate, and its production will be
utilized by Burlington Sportswear, a new business unit of the Company, announced
on June 5, 1996. An insignificant portion of the existing assets of the division
will be transferred to the Company's Statesville, North Carolina plant which
will provide certain manufacturing processes for the Burlington Sportswear
division. Receivables and inventories (not useable in ongoing businesses) will
be liquidated as the division's business is phased out, and the remaining assets
of the division, including the Wake Forest and Denton manufacturing facilities,
will be offered for sale.
For the Company's 1994 fiscal year ending October 1, 1994, the
Knitted Fabrics division had net revenues of $147.9 million and operating loss
before interest and taxes of $26.7 million. For the Company's 1995 fiscal year
ending September 30, 1995, the Knitted Fabrics division had net revenues of
$134.1 million and operating loss before interest and taxes of $17.9 million.
For the six months ending March 30, 1996, the Knitted Fabrics division had net
revenues of $58.8 million and operating loss before interest and taxes of $10.8
million.
The new Burlington Sportswear division will serve the better
men's sportswear and uniform markets, specializing in fine cotton fabrics for
casual shirts and pants.
Incorporated by reference herein are press releases of the
Company dated June 5, 1996 with respect to the foregoing.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99(a) Press release of Burlington Industries, Inc.
dated June 5, 1996.
99(b) Press release of Burlington Industries, Inc.
dated June 5, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BURLINGTON INDUSTRIES, INC.
By /s/ CHARLES E. PETERS, JR.
Name: Charles E. Peters, Jr.
Dated: June 5, 1996 Title: Senior Vice President and
Chief Financial Officer
By /s/ AGUSTIN J. DIODATI
Name: Agustin J. Diodati
Dated: June 5, 1996 Title: Vice President and
Controller
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EXHIBIT INDEX
Sequentially
Exhibit Numbered
No. Description Page
99(a) Press Release of Burlington
Industries, Inc. dated
June 5, 1996. 5
99(b) Press Release of Burlington
Industries, Inc. dated
June 5, 1996. 6
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