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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )*
SPRINGS INDUSTRIES, INC.
-----------------------------------------
(Name of Issuer)
$.25 Par Value Common Stock Class B
-----------------------------------------
(Title of Class of Securities)
851783-10-0
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(CUSIP Number)
Check the following box if a fee is being paid with this statement / /.
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following page(s))
Page 1 of 8 Pages
AMENDMENT MATERIAL TO THE ORIGINAL FILINGS
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CUSIP NO. 851783-10-0 SCHEDULE 13G PAGE 2 OF 8 PAGES
--------------------- ----- -----
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Elliott Springs Close
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [ X ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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(5) SOLE VOTING POWER
0
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(6) SHARED VOTING POWER
NUMBER OF 1,861,738 -- Class B
SHARES 2,100 -- Class A
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
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(8) SHARED DISPOSITIVE POWER
1,861,738 -- Class B
2,100 -- Class A
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,861,738 -- Class B*
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
SHARES* [ X ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
25.60% -- Class B*
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(12) TYPE OF REPORTING PERSON*
IN
* Does not include Class A shares
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
December 31, 1997
PAGE 2 OF 8 PAGES
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Introductory Comments
The following report is with respect to Class B stock. Filer also
beneficially owns 2,100 shares of Class A stock in his role as one of fourteen
(14) directors of Springs Foundation, Inc. and Close Foundation, Inc., private
foundations. These shares are held in an investment fund managed by an
investment company retained by the Foundation. Class B stock carries voting
privileges equal to four times those to Class A. Class A stock may not convert
to Class B but Class B stock may convert to Class A at any time. See 13G for
year ending December 31, 1989 for information on rights of Class A versus Class
B stock.
At December 31, 1997, the Company reported that the outstanding shares of
Class A and Class B common stock were as follows:
Class A - 12,601,757
Class B - 7,270,921
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Total - 19,872,678
(End of Introductory Comments.)
December 31, 1997
Page 3 of 8 Pages
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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Item 1(a). Name of Issuer:
Springs Industries, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
205 North White Street
Fort Mill, South Carolina 29715
Item 2(a). Name of Person Filing:
Elliott Springs Close
Item 2(b). Address of Principal Business Office or, If None,
Residence:
P.O. Box 4200
Rock Hill, SC 29731
Item 2(c). Citizenship:
United States of America
Item 2(d). Title of Class of Securities:
$.25 par value common stock Class B
Item 2(e). CUSIP Number:
851783-10-0
Item 3. Statement Regarding Rules 13d-1(b) or 13d-2(b):
Not Applicable.
December 31, 1997
Page 4 of 8 Pages
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Item 4. Ownership: *
(a) Amount Beneficially Owned:
Class B - 1,861,738 shares.
(b) Percent of Class:
25.60%
(c) Number of shares as to which
such person has:
(i) sole power to vote or
direct the vote:
0
(ii) shared power to vote or
direct the vote:
Class B - 1,861,738
Class A - 2,100
(iii) sole power to dispose or
direct the disposition of:
0
(iv) shared power to dispose or
direct the disposition of:
Class B- 1,861,738
Class A - 2,100
Mr. Close disclaims beneficial ownership of all the shares shown above.
* Mr. Close has shared power to vote and dispose of 2,100 shares of
Class A Stock of Springs Foundation, Inc. and Close Foundation,
Inc. as a director of said Foundations, which are not reflected as
beneficially owned above. These shares are referenced in paragraph (c)
above, however, for purposes of full disclosure.
December 31, 1997
Page 5 of 8 Pages
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In addition, The Springs Company, Lancaster, South Carolina, owns
beneficially 2,029,236 shares (or 28%) of such stock (including 563,451 shares
held as trustee for Mr. Close's brothers and sisters); Central Reassurance
Corporation (formerly Central Re Corporation), Lancaster, South Carolina, owns
beneficially 175,000 shares (or 2.41%) of such stock. All outstanding stock of
The Springs Company and Central Reassurance Corporation is owned by: trusts for
the benefit of Mr. Close and his brothers and sisters (including those trusts
described in Item 6); and by The Springs Company as trustee of management trusts
for Mr. Close and his brothers and sisters.
Mr. Close is a director of The Springs Company and a director of Central
Reassurance Corporation.
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
The shares shown in Item 4(c)(ii) and (iv), other than as provided in
subsection 2 below, are held by entities having the right to receive dividends
and proceeds of sale as follows:
1. (a) 1,861,738 shares (or 25.60%) held by Mr. Close, his mother
(Anne Springs Close), six of his seven brothers and sisters (Crandall
Close Bowles, Frances A. Close, Patricia Close, Leroy Springs Close,
Hugh William Close, Jr., Derick Springsteen Close, and Katherine
December 31, 1997
Page 6 of 8 Pages
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Anne Close), and James Bradley as trustees for his brothers and sisters (each of
such six brothers and sisters is a tentative income beneficiary of trusts
holding 288,283 shares and is therefore not a trustee with respect to such
shares);
(b) 0 shares (0.0%) (as to which Mr. Close has dispositive power)
held by The Springs Company as trustee of the management trust for Mr. Close
described in Item 4.
The trustees of these trusts may accumulate dividends or sale proceeds or
distribute them to the beneficiaries, except that Mr. Close is entitled to all
dividends on the shares held in the management trust.
2. 2,100 Class A shares are held by Springs Foundation, Inc. and Close
Foundation, Inc., private foundations, of which Mr. Close, his family members,
and employees of family-owned companies constitute the Board of Directors.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company:
Not Applicable.
Item 8. Identification and Classification of Members of the Group:
Not Applicable.
Item 9. Notice of Dissolution of the Group:
Not Applicable.
December 31, 1997
Page 7 of 8 Pages
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Item 10. Certification:
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
January 31, 1998 /s/ James H. Hodges
--------------------------------
James H. Hodges, Limited
Power of Attorney for
Elliott Springs Close
December 31, 1997
Page 8 of 8 Pages
