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Guilford Mills facing NYSE delisting

By Furniture Today Staff -- Furniture Today, January 6, 2002

GREENSBORO, N.C. — Upholstery fabric supplier Guilford Mills has been warned by the New York Stock Exchange that it is not in compliance with listing standards.

The textile producer, a public company for about 30 years, has until May 7 to bring its per-share price above $1 and its market capitalization above $15 million for 30 consecutive trading days or it could be delisted.

In the past year, Guilford's stock price has ranged from 30 cents to $2.44, and recently has traded around 50 cents.

The company will present a plan to the NYSE this month on how it intends to bring its stock price and market capitalization into compliance.

Guilford has been hurt by apparel imports and steadily has been reducing apparel fabric production to limit exposure and losses. Many competitors also are suffering, including Burlington Inds., which entered Chapter 11 bankruptcy protection on Nov. 15 and was delisted by the NYSE the following day.

Guilford Mills, which sells to customers in the home furnishings, apparel, automotive and industrial markets, is an integrated designer and producer of fabrics using a broad range of technologies. It is one of the largest warp knitters in the world and is a leader in technological advances, including microdenier warp knits and wide-width circular knits.

Through its Guilford Home Fashions subsidiary, the company produces bedding products, window treatments and shower curtains for the retail market.

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