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): October 22, 1998
WORLDTEX, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-11438 56-1789271
(Commission File Number) (IRS Employer Identification No.)
212 - 12th Avenue, N.E., Hickory, North Carolina 28601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (828) 328-5381
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
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On October 22, 1998, Worldtex, Inc. (the "Company") dismissed KPMG
Peat Marwick LLP ("KPMG") as its independent accountants. KPMG's report on the
financial statements for each of the years ended December 31, 1997 and December
31, 1996 contained no adverse opinion or disclaimer of opinion and was not
qualified or modified as to uncertainty, audit scope or accounting principles.
The decision to change independent accountants was approved by the Audit
Committee of the Board of Directors of the Company. During the Company's two
most recent fiscal years and subsequent interim periods preceding such
dismissal, there were no disagreements with KPMG on any matter of accounting
principle or practices, financial statement disclosure, or auditing scope and
procedure. The Company has requested that KPMG furnish it with a letter
addressed to the Securities and Exchange Commission (the "SEC") stating whether
KPMG agrees with the above statements in this paragraph. A copy of KPMG's letter
to the SEC will be filed with the SEC promptly upon receipt from KPMG.
On October 22, 1998, the Company engaged Deloitte & Touche LLP as its
independent accountants to audit the Company's financial statements for the year
ended December 31, 1998.
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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.
WORLDTEX, INC.
Date: October 29, 1998 By /S/ BARRY D. SETZER
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Barry D. Setzer
President and
Chief Executive Officer
