-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PQIP6SeimZhiSelVlXimbMUPW1oDU5YPZcebmZTSYBxpp/QRXs1TTiWdDDvlJ+n9 amN3na7xpn5ORKtKbHMI5w== /in/edgar/work/20000602/0000950144-00-007488/0000950144-00-007488.txt : 20000919 0000950144-00-007488.hdr.sgml : 20000919 ACCESSION NUMBER: 0000950144-00-007488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000602 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPRINGS INDUSTRIES INC CENTRAL INDEX KEY: 0000093102 STANDARD INDUSTRIAL CLASSIFICATION: [2211 ] IRS NUMBER: 570252730 STATE OF INCORPORATION: SC FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05315 FILM NUMBER: 648292 BUSINESS ADDRESS: STREET 1: 205 N WHITE ST CITY: FORT MILL STATE: SC ZIP: 29715 BUSINESS PHONE: 8035471500 MAIL ADDRESS: STREET 1: 205 NORTH WHITE STREET CITY: FORT MILL STATE: SC ZIP: 29715 FORMER COMPANY: FORMER CONFORMED NAME: SPRINGS MILLS INC DATE OF NAME CHANGE: 19820517 8-K 1 0001.txt SPRINGS INDUSTRIES, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 -------------------------------- Date of Report (Date of earliest event reported): June 2, 2000 SPRINGS INDUSTRIES, INC. (Exact name of registrant as specified in charter) South Carolina 1-5315 57-0252730 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 205 North White Street, Fort Mill, SC 29715 (Address of principal executive offices) (Zip Code) (803) 547-1500 (Registrant's telephone number, including area code) Page 1 of 7 The Index to Exhibits is on Page 5 2 TABLE OF CONTENTS TO FORM 8-K
ITEM PAGE - ---- ---- 5. OTHER EVENTS 3 7. FINANCIAL STATEMENTS AND EXHIBITS 3 SIGNATURES 4 EXHIBIT INDEX 5
2 3 Item 5. Other Events On June 2, 2000, Springs Industries, Inc., announced it will phase out production and close its baby apparel plants in Griffin and Jackson, Georgia during August 2000. In an unrelated announcement, the Company also stated it will phase out yarn production for terry towels at its No. 2 Plant in Griffin during August 2000. See Exhibit 99.1, which is attached hereto and incorporated herein by reference, for additional information. During the second quarter of 2000, Springs expects to record a one-time after-tax charge in the amount of $1.9 million, or $0.10 per diluted share, related principally to severance and asset disposal costs associated with exiting the baby products facilities. Exit costs associated with the terry facility are not significant. By reducing the Company's baby apparel and terry yarn production costs, Springs expects to improve its after-tax operating earnings by $1.2 million, or $0.07 per diluted share, for the balance of the 2000 fiscal year. Annualized after-tax savings of $2.2 million, or $0.12 per diluted share, are expected in 2001. Item 7. Financial Statements and Exhibits. (c) Exhibits 99 Additional Exhibits 99.1 News release issued by Springs Industries, Inc., on June 2, 2000. The matters discussed or incorporated by reference in this Form 8-K contain forward-looking statements that are based on management's expectations, estimates, projections, and assumptions. Words such as "expects," "hopes," "estimates," and variations of such words and similar expressions are often used to identify such forward-looking statements which include but are not limited to projections of expenditures, savings, completion dates, cash flows, and operating performance. Such forward-looking statements are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance; instead, they relate to situations with respect to which certain risks and uncertainties are difficult to predict. Actual future results and trends, therefore, may differ materially from what is forecast in forward-looking statements due to a variety of factors, including: the health of the retail economy in general, competitive conditions, and demand for the Company's products; progress toward the Company's cost-reduction goals; unanticipated natural disasters; legal proceedings; labor matters; and the availability and price of raw materials which could be affected by weather, disease, energy costs, or other factors. 3 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Springs has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SPRINGS INDUSTRIES, INC. By: s/Jeffrey A. Atkins ---------------------------- Jeffrey A. Atkins Executive Vice President and Chief Financial Officer Dated: June 2, 2000 4 EX-99.1 2 0002.txt PRESS RELEASE 1 EXHIBIT INDEX
Exhibit Page - ------- ---- 99 Additional Exhibits 99.1 News Release issued by Springs Industries, Inc., on June 2, 2000. 6
5 2 EXHIBIT 99.1 FOR IMMEDIATE RELEASE June 2, 2000 GRIFFIN, GA--Springs Industries announced today it will phase out production at its baby apparel plants in Griffin and Jackson, GA, and begin sourcing the production after the two facilities close during August. Clarence McMerty, president of Springs' Baby Products Division, said the division will continue to service its retail customers with a complete product line of infant apparel, bedding and related accessories, and that customers would not experience a disruption in service. "We have consolidated our U.S. production and made other attempts during the past two years to keep our baby products associates employed at Jackson and Carver Road Plants," McMerty said. "While these actions were helpful in the short run, they were not enough to counter the economic realities of our business. We are competing against imported products with a wider range of fabrics and more complex constructions than we can produce competitively and profitably in Georgia." McMerty said the division will continue to manufacture its baby bedding products in Gainesville, GA. Baby bedding, such as crib sheets, comforters and accessories, requires less labor to produce compared to apparel and is being made competitively in Gainesville. In an unrelated announcement, Springs Industries will phase out yarn production for terry towels at its No. 2 Plant in Griffin during August. The facility's old equipment cannot make yarn competitively compared to new technology installed recently at the company's Plant No. 5 in Griffin and Hartwell Yarn Plant in Hartwell, GA. Springs has invested about $26 million in Griffin and $40 million in Hartwell to modernize and build facilities that produce towels for Springs' growing bath products business. Towel weaving operations will continue at Plant No. 2, which will employ about 100 people after August. The two announcements affect approximately 65 jobs at Plant No. 2 and about 390 jobs at the Jackson and Carver Road plants. The company employs about 1,200 6 3 people at its other facilities in Griffin and hopes to place some associates at those facilities. In addition, Springs will provide severance pay and job counseling services to employees who do not have job opportunities with the company, and area employers will be invited into Springs' facilities to assist associates with securing employment. "These are great people who have a terrific work ethic and are committed to producing quality products," said Charles Emory, vice president, human resources for Springs' operations. "We're going to do everything possible to employ as many of our associates in our other Springs facilities, where we currently have as many as 160 openings. Also, we hope to find opportunities for our associates with other employers who are looking for quality people." Area employers interested in recruiting Springs associates should contact Loretta Hays, human resources manager for the Carver Road and Jackson plants, at 770-412-5618, or Harry Kierbow, human resources manager for terry manufacturing, at 770-412-5535. Springs Industries (NYSE: Ticker Symbol SMI) supplies leading retailers with a complete line of coordinated home fashions designed to simplify home decorating for every consumer. Our major brands are Wamsutta(R), Springmaid(R), Graber(R), Bali(R), Nanik(R), and Dundee(R). Springs also markets baby bedding and apparel products, home sewing fabrics, and bed and bath products for institutional and hospitality customers. The company operates facilities in 13 U.S. states and owns marketing and distribution subsidiaries in Canada and Mexico. WWW.SPRINGS.COM 7 -----END PRIVACY-ENHANCED MESSAGE-----