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January 16, 2002

USA: Doubts Grow Over Guilford Mills’ Future Amid Losses

Troubled textile giant Guilford Mills Inc on Wednesday reported a loss for 2001 of $160.8 million on sales of $643.5m as its auditors voiced doubts over the company's ability to continue as a going concern. The firm said sales fell 21 per cent compared to fiscal 2000, with sales in the apparel segment down 36 per cent and smaller falls in its automotive and home fashions segments.

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