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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
Derick Springsteen 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 1,813,798 -- Class B
SHARES 2,100 -- Class A
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 63,855 -- Class B
609 -- Class A
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(8) SHARED DISPOSITIVE POWER
1,813,798 -- Class B
2,100 -- Class A
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,877,653 -- 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
25.82% -- 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 609 shares of Class A stock individually and 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:
Derick Springsteen Close
Item 2(b). Address of Principal Business Office or, If None,
Residence:
9016 Winged Bourne Rd.
Charlotte, NC 28210
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 - 1,877,653 shares.
(b) Percent of Class:
25.82%
(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 - 1,813,798
Class A - 2,100
(iii) sole power to dispose or
direct the disposition of:
Class B - 63,855
Class A - 609
(iv) shared power to dispose or
direct the disposition of:
Class B - 1,813,798
Class A - 2,100
Mr. Close disclaims beneficial ownership of all the shares
shown above except 63,855 shares as to which he has dispositive power, which are
held by The Springs Company, Lancaster, South Carolina, as trustee of a
management trust which is revocable by Mr. Close on September 4 of any year upon
30 days' notice.
* Mr. Close has the sole power to dispose of 609 shares of Class A stock
and the 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 out-standing 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.
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) 1,813,798 shares (or 24.95%) 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, Elliott Springs Close,
Hugh William Close, Jr., and Katherine Anne Close), and James Bradley as
trustees for his brothers and sisters
December 31, 1997
Page 6 of 8 pages
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(each of such six brothers and sisters is a beneficiary of trusts holding
336,223 shares and is therefore not a trustee with respect to such shares);
(b) 63,855 shares (.87%) (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.
Mr. Close is a director of The Springs Company.
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. The Springs Company also holds 609 Class A shares in a
management trust referenced above.
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
Derick Springsteen Close
December 31, 1997
Page 8 of 8 pages
