Fabric source R.L. Stowe to close
Gary Evans -- Furniture Today, January 11, 2009
BELMONT, N.C. — R.L. Stowe Mills, yarn maker and supplier to the apparel, furniture, automotive and other industries, said last week that it plans to close in 60 days after 108 years in the business.
CEO D. Harding Stowe, whose grandfather founded the company, said sales for the fourth quarter fell so sharply that the company was forced to close.
About 30% of the company's sales are furniture-related.
“Looking forward, management does not see sales returning to sufficient levels to sustain business. We will work with employees, suppliers and customers to see an orderly wind-down of our business,” he said.
The company employs some 550 people — 200 in North Carolina and 350 in Chattanooga, Tenn. Several sources estimated the company's 2007 sales at about $61 million.
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Yarn supplier R.L. Stowe Mills to close
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