Guilford Mills chairman Chuck Hayes said today he will make a decision at the end of this month on his future with the textile giant he is credited with building.

"At the end of March, I'm going to take a serious look at my personal role at Guilford Mills and look at any other career choices I may be excited about," he told the Greensboro News & Record.

The 67-year-old, who has been with Guilford Mills for 41 years, had his future thrown into doubt last week when the firm agreed a deal with its banks to file a pre-packaged bankruptcy petition.

Under the terms of the deal, a new board of directors will be appointed, but Guilford chief executive John Emrich said earlier this month Hayes may not have a seat.

Either way, at the end of this month Hayes will leave his role of president of the powerful trade lobby group the American Textile Manufacturers Institute.