Hosiery maker Americal Corp has filed for Chapter 11 bankruptcy protection.

The North Carolina-based manufacturer, which has laid off more than 380 employees over the past year, listed total assets of $18.8 million and liabilities of $25.8m in documents filed on April 7 with the US Bankruptcy Court.

In the filing, the company said it owed employees $194,336 in vacation pay and $38,831 in unpaid salaries.

However, it indicated that it had funds available to pay unsecured creditors.

Americal has secured debtor-in-possession funding from New York-based Rosenthal & Rosenthal ($10m) and Winston-Salem-based International Legwear Group ($3.5m).