WestPoint: Kmart filing costs $11M
By Staff -- Home Textiles Today, 2/11/2002 12:00:00 AM
West Point, GA — WestPoint Stevens, a major supplier of Martha Stewart products, said it took an $11 million hit when Kmart filed for Chapter 11 protection.
As substantial as it is, the damage could have been much worse — indeed many industry observers expected the total to run much higher — given Kmart's big contribution to WestPoint sales. Chip Fontenot, president and coo, said on a conference call with investors that Kmart accounted for roughly 15 percent of all WestPoint's sales in 2001.
And the greater impact of the bankruptcy on the major mill remains unknown, said Fontenot. "We have to expect that our business will be affected going forward. But we still don't know how many stores will be closed, and that will certainly have a big impact." Fontenot emphasized that WestPoint "will continue to support Kmart as they work their way through bankruptcy."
We would love your feedback!
Most Recent Resources
- Getting the most out of offline leads
- Free Shipping and the Importance of Onsite Promotion
- Should Branded Manufacturers Participate in Flash Sales?
- Rugs 101 - Special Edition
- How Big Is Your Label
- Choosing a Web Site Developer
- Convergence: Tie Your Online & Offline Experience...
- Social Networks to Social Shopping
- Why Brands and Their Retailers are Facebook’s Biggest...
- Web Based Intelligence Gathering
- The Future of Tablets
- Shopatron: Bicycles & eCommerce
- A Guide to Holiday eCommerce Success
- Mattress Buying 101 - Connecting with Consumers
- Designing Your Brand’s Website for eCommerce
- Global Sourcing in 2010: Doing More With Less
- Comparing Four Options for Turning Web Site Traffic into...
- Are You Prepared for the 2009 Holiday Season? A Branded...
- Design, Develop, Deliver: The Three D's to Digitally...