Ithaca Industries, Inc., one of the nation's largest manufacturers of private-brand men's and boys' underwear and outerwear and women's underwear products, announced today that it has filed for chapter 11 relief in the United States Bankruptcy Court for the District of Delaware.

Ithaca's Chief Executive Officer, Jim D. Waller said that "after pursuing several alternatives, the Company determined that filing for chapter 11 relief at this time was in the Company's best interest and the best interests of its customers, vendors and suppliers." Mr. Waller also said that "while he regrets the decision to have to file for chapter 11, the Company believed that it was the best means available for maximizing the value of its estate."

Ithaca also announced that it has reached an agreement with its existing bank group on financing to fund its operations.

Ithaca Industries, Inc. is one of the largest manufacturers of private- brand men's and boys' underwear and outerwear and women's underwear products in the United States. Products are sold through a wide range of retail distribution channels and are offered to the public through more than 10,000 customer outlets, including discount stores, department stores and specialty stores.