USA: Burlington Narrows Q1 Loss, Sales Fall 23%
The North Carolina-based company said net sales for the quarter plunged 22.9 per cent to $189.7m from the year-ago period when it recorded a net loss of $75.2m on a $59.2m charge for restructuring, asset write-downs and other impairments.
Burlington filed for Chapter 11 in November 2001 amid a flood of cheap foreign textile imports and has since consolidated some operations, exited some segments, shut some facilities and axed about 6,000 jobs.
In a recent corporate filing, the firm said it may be able to file its reorganisation plan by February 27 and asked a bankruptcy court to block creditors from filing competing plans for another four months.
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