EXHIBIT 20.1
- PRESS RELEASE -
DELTA WOODSIDE ANNOUNCES
COMPLETION OF SPIN-OFF OF APPAREL BUSINESSES
AND ELECTION OF NEW EXECUTIVE OFFICERS
June 30, 2000 William H. Hardman, Jr.
Greenville, South Carolina (864)255-4122
Delta Woodside Industries, Inc. (NYSE -- DLW) announced today that the
previously announced pro rata distribution to holders of Delta Woodside common
stock of all of the outstanding shares of the common stock of Delta Apparel,
Inc., a Georgia corporation ("Delta Apparel"), and all of the outstanding shares
of the common stock of Duck Head Apparel Company, Inc., a Georgia corporation
("Duck Head"), has been completed. The record date for the distribution was
June 19, 2000, and the distribution was effected today. In the distribution,
each Delta Woodside shareholder has received one Delta Apparel share and one
Duck Head share for every ten shares of Delta Woodside common stock owned of
record on June 19, 2000 (with cash to be paid in lieu of any fractional share).
Previously, each of Delta Apparel and Duck Head was a wholly-owned subsidiary of
Delta Woodside. The distribution accomplished the previously announced plan to
spin off to the Delta Woodside stockholders Delta Woodside's two apparel
businesses (Delta Apparel Company and Duck Head Apparel Company) as two separate
publicly-owned corporations.
The AMEX trading symbol for Delta Apparel's common stock is DLA. The AMEX
trading symbol for Duck Head's common stock is DHA.
Delta Woodside also announced today that, as contemplated in connection with the
spin off, its prior executive officers have resigned from their executive
officer positions and the Delta Woodside board of directors has elected new
executive officers. William F. Garrett has been elected President and Chief
Executive Officer; William H. Hardman, Jr. has been elected Vice President,
Chief Financial Officer, Treasurer and Secretary; and Donald C. Walker has been
elected Vice President, Controller and Assistant Secretary.
Mr. Garrett, a director of Delta Woodside, is a graduate of Seton Hall
University, and has worked in the textile industry for the past 38 years. He
has been President of the Delta Mills Marketing Company business since before
its acquisition by Delta Woodside in 1986. Mr. Hardman, a graduate of the
University of Georgia, has worked in the textile industry for 31 years. He has
been Vice President of Administration for the Delta Mills Marketing Company
business since 1986. Mr. Walker, a graduate of Clemson University, has worked in
the textile industry for 34 years. He has been Controller of the Delta Mills
Marketing Company business since 1987.
Delta Woodside Industries, Inc., headquartered in Greenville, South Carolina,
manufactures and sells textile products for the apparel industry. The Company,
which employs about 2,200 people, operates 7 plants located in North and South
Carolina.
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