P'tex assets on the block

By Staff -- Home Textiles Today, 3/15/2004 12:00:00 AM

ROCK HILL, S.C. —

The liquidation of former Pillowtex Corp. assets continued here last week with the auction of computers and IT equipment from the Kannapolis, N.C. headquarters.

A dozen auctions are scheduled through July to dispose of non-textiles machinery, equipment and furniture from various locations. Textiles machinery is being sold on a direct basis by Gibbs International, while real estate, plants and other facilities are being sold on a direct basis by Keen Consultants and SB Capital.

Gibbs and SB are part of GGST, LLC, which successfully bid $121 million for most of the bankrupt company's assets.

Still awaiting disposition are licensing arrangements for the Pillowtex brands that, at least until the October auction, were believed to carry the largest asset value. Those include Royal Velvet, Charisma, Fieldcrest and Cannon.