UNITED STATES 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): March 9, 1998
DELTA MILLS, INC.
(Exact name of registrant as specified in its charter)
SOUTH CAROLINA 333-376-17 13-2677657
(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or organization) File Number) Identification No.)
233 North Main Street
Hammond Square, Suite 200
Greenville, South Carolina 29601
(Address of principal executive offices) (Zip Code)
864\232-8301
Registrant's telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if changed since
last report.
Item 5. Other Events.
DELTA MILLS, INC. ANNOUNCES PLANS
FOR STEVCOKNIT FABRICS DIVISION
Delta Mills, Inc. announced today that it is withdrawing from
the circular knit fabrics business, which has operated under the name
Stevcoknit Fabrics Company, and will be selling or closing and
liquidating its two knitting, dyeing and finishing plants in Wallace,
North Carolina, and its yarn spinning plant in Spartanburg, South
Carolina.
Stevcoknit Fabrics Company has previously provided a
substantial supply of yarn to an affiliated company, the Delta
Apparel activewear division of a subsidiary of Delta Woodside
Industries, Inc. Stevcoknit's yarn plant in Edgefield, South
Carolina, will now produce this yarn for the Delta Apparel division.
In connection with this decision, Delta Mills, Inc. will take
restructuring and other related charges in its March quarter,
currently estimated to be in the range of $25 million. In the
Company's last fiscal year, the Stevcoknit division recorded an
operating loss of $8.9 million.
In a related announcement made today, Delta Woodside
Industries, Inc. (NYSE-DLW), the parent company of Delta Mills, Inc.,
reported that, in addition to selling or closing and liquidating
Stevcoknit Fabrics Company, it has also decided to sell its Nautilus
International fitness equipment division, based in Independence,
Virginia.
Delta Mills, Inc., headquartered in Greenville, South
Carolina, manufactures and markets textile products. Among other
indebtedness, it has outstanding $150,000,000 aggregate principal
amount of 9 5/8% Senior Notes due 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
DELTA MILLS, INC.
(Registrant)
Date March 9, 1998 /s/ Douglas J. Stevens
Douglas J. Stevens
Controller and Assistant
Secretary
