Galey and Lord

  • 1886: William Galey and Charles Lord form a partnership to market fabrics to apparel makers.
  • 1922: The firm becomes the sales agent for Cramerton Mills in Gaston County.
  • 1946:Burlington Industries buys Cramerton Mills. Burlington uses the Galey and Lord name to label its fine cotton and cotton-blended fabrics.
  • 1970s: The name becomes associated with the blended fabrics division of Burlington Industries.
  • 1988: The blended fabrics division is sold to a group headed by AuthurWiener, the former president of Burlington’s blended fabrics division.
  • May 1992: Transformed to public ownership, trading on Over-the-Counter Market.
  • July 1992: First quarter after becoming a public company, reports profit of $3 million.
  • April 1994: Breaks into the home furnishings market with the purchase of Burlington Industries’ Decorative Prints business.
  • Nov 1994: Sales hit $451.1 million.
  • Dec 1994: Moves from Nasdaq to the New York Stock Exchange.
  • Jan 1995: 200 jobs cut at Rutherford County plant.
  • July 1995: Eliminates its apparel prints division, closing the division’s manufacturing plant in South Carolina, and New York sales office. 450 jobs are cut.
  • June 1996: Acquires Mexican apparel company, Dimmit Industries for about $22.5 million.
  • 1997:Builds a new 87,000 square-foot sewing plant in Mexico. Buys South Carolina company, Dominion Textile’s weaving operations for $480 million, making Galey & Lord the second largest denim producer in the world and a billion-dollar-a-year company.
  • 1998: Swift Denim Division teams with Litton Mills to sell denim in the Pacific Rim.
  • 1999: Reports a net loss for fiscal 1999 of $11 million.
  • July 2001: Closes Asheboro weaving facility and two other plants. 215RandolphCountyjobs eliminated.
  • Nov 2001: Reports quarterly loss of $ 71.3 million.
  • Dec 2001:Delisted from the New York Stock Exchange.
  • Feb 2002: Financial ratings downgraded by Standard and Poor’s.
  • Feb 2004: John J. Heldrichis named Galey & Lord’s executive vice president and president of Swift Denim Group, a company division.
  • Feb 2004: A federal judge in New York approves restructuring plan.
  • March 2004: Emerges from bankruptcy.
  • July 2004: Board of Directors approve an offer to be acquired by Patriarch Partners, a New York based financial firm.
  • August 2004: Files for second bankruptcy protection.
  • Nov 2004: The company is sold to Patriarch Partners, a New York-based financial company.The sale comes less than two weeks after a federal bankruptcy court approved Patriarch’s $154 million buyout of the Atlanta-based fabrics company. Terms of the final deal were not disclosed. Galey & Lord also announced that it emerged from bankruptcy for the second time this year.
Source: News & Record Archive
Also See: Burlington Industries

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