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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.
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(Name of Issuer)
$.25 Par Value Common Stock Class B
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(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
Leroy 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
5,019 -- Class A
204 -- Class B
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(6) SHARED VOTING POWER
NUMBER OF 1,849,743 -- Class B
SHARES 2,100 -- Class A
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 74,401 -- Class B
5,019 -- Class A
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(8) SHARED DISPOSITIVE POWER
1,849,743 -- Class B
2,100 -- Class A
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,849,947 -- Class B Shares*
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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
25.71%
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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, 1998
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 owns
individually 5,019 shares of Class A stock. Filer also 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 of
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, 1998, the Company reported that the outstanding shares of
Class A and Class B common stock were as follows:
Class A - 10,630,281
Class B - 7,196,864
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Total - 17,827,145
(End of Introductory Comments.)
December 31, 1998
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:
Leroy Springs Close
Item 2(b). Address of Principal Business Office or, If None,
Residence:
60 Shelter Rock Road
Danbury, Connecticut 06810
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, 1998
Page 4 of 8 Pages
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Item 4. Ownership: *
(a) Amount Beneficially Owned:
Class B Shares: 1,849,947
(b) Percent of Class:
25.71%
(c) Number of shares as to which
such person has:
(i) sole power to vote or
direct the vote:
Class A - 5,019
Class B - 204
(ii) shared power to vote or
direct the vote:
Class A - 2,100
Class B - 1,849,743
(iii) sole power to dispose or
direct the disposition of:
Class A - 5,019
Class B - 74,605
(iv) shared power to dispose or
direct the disposition of:
Class A - 2,100
Class B- 1,849,743
Mr. Close disclaims beneficial ownership of all the shares shown above
except 74,605 shares as to which he has dispositive power, (74,401) shares of
which are held by The Springs Company, Lancaster, South Carolina, as trustee of
a management trust which is revocable by Mr. Close on June 22 of any year upon
30 days' notice), and 204 shares which Mr. Close individually holds.
* Mr. Close has the sole power to vote and dispose of 5,019 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, 1998
Page 5 of 8 Pages
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In addition, The Springs Company, Lancaster, South Carolina, owns
beneficially 1,955,229 shares (or 28%) of such stock (including 488,898 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 3%) 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 Springs Industries, Inc. and The Springs
Company.
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) 1,849,743 shares (or 25.71%) held by Mr. Close, his mother
(Anne Springs Close), six of his seven brothers and sisters (Crandall
Close Bowles, Frances A. Close, Patricia Close, Elliott Springs Close,
Hugh William Close, Jr., Derick Springsteen Close, and Katherine
December 31, 1998
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 beneficiary of trusts holding 300,278 shares
and is therefore not a trustee with respect to such shares);
(b) 128,995 shares (1.80%) (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, and
5,019 Class A shares are held by Mr. Close individually.
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, 1998
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, 1999 /s/ James H. Hodges
--------------------------------
James H. Hodges, Limited
Power of Attorney for
Leroy Springs Close
December 31, 1998
Page 8 of 8 Pages
