KANNAPOLIS, North Carolina – October 7, 2003 – U.S. Bankruptcy Judge Peter Walsh approved the $121.0 million purchase of substantially all of Pillowtex’s remaining assets by a joint venture led by SB Capital Group. The joint venture, GGST, LLC, purchased plants, equipment and brands of the Pillowtex Corporation.
SB Capital Group and their joint venture partners have retained Group 3 Design, a leading brand management firm, to manage the branded licensing activities of the acquired brands. The Pillowtex brands included in the transaction are Fieldcrest, Cannon, Charisma and Royal Velvet.
Pillowtex Corporation, headquartered in Kannapolis, North Carolina, was a leading designer, marketer and producer of home fashion products including towels, sheets, rugs, blankets, pillows, mattress pads, feather beds, comforters and decorative bedroom and bath accessories. On July 30, 2003, Pillowtex closed substantially all of its operations and filed voluntary petitions for reorganization under Chapter 11 of the U.S Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.