USA: Ridgeview Terminates Agreement to Sell Ladies Hosiery Division
Ridgeview, Inc. (Nasdaq-NM: RIDG) today announced that it has terminated the agreement it signed in February to sell its entire ladies hosiery business to the President of its Hosiery Division. Ridgeview will exit immediately from the fashion/branded segment of the ladies hosiery business. The Company will continue to produce and sell private label ladies hosiery to the mass market. Exiting from the fashion/branded segment of the ladies hosiery business will allow Ridgeview to reduce expenses, narrow its product lines and reduce its inventory and requirements for working capital. This step will be consistent with the Company's strategy to concentrate on its sports sock business.The Company will not be able to file its Annual Report on Form 10-K for the year ended December 31, 1999 with the Securities and Exchange Commission by April 14, the extended due date for filing the report. The unexpected termination of the agreement for the sale of its ladies hosiery division and delays resulting from implementation of the Company's new information system have combined to delay the completion of the Company's audited financial statements for the fiscal year ended December 31, 1999. The Company expects to report a loss for the year between $3.10 and $3.40 per share.Founded in 1912, Ridgeview designs, manufactures and markets a complete range of sports, rugged outdoor and heavyweight casual socks, as well as a wide variety of women's hosiery products including tights, trouser socks, panty hose and knee highs. Ridgeview is headquartered in Newton, North Carolina, and also has manufacturing facilities in Mebane, North Carolina; Ft. Payne, Alabama; and Tralee, Republic of Ireland.
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