DYERSBURG (OTC:DBGC)
Industry: Services
Dyersburg Corp. is a manufacturer of knit fleece, jersey and stretch fabrics sold principally to domestic apparel producers. In September 2000, the Company and all 13 of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and orders for relief were entered by the Bankruptcy Court. On July 16, 2001, Dyersburg, together with its direct and indirect subsidiaries, announced the Company's intention to wind up its remaining businesses and commence an orderly liquidation of its assets under the supervision of the Bankruptcy Court and the creditors of the Company. Dyersburg's manufacturing operations are vertically integrated, beginning with the conversion of fiber into yarn and knitting, dyeing and finishing the fabric in a wide range of styles and colors. The Company's fabrics are used in apparel marketed by brands such as Calvin Klein, Columbia, Health-Tex, Danskin, Patagonia, Polo, Tommy Hilfiger and William Carter, and are sold to catalog merchants and specialty stores such as L.L. Bean and Eddie Bauer, department stores and national chains. Dyersburg also has an apparel manufacturing business. The apparel business purchases fabric primarily from its Textile business, contracts for cutting, sewing and packaging from companies in the United States and Mexico, and markets the finished apparel to customers in the United States. The apparel business also has a joint venture in the Dominican Republic. The Company manufactures apparel products for brands such as Nike, SanMar and Timberland. The Company's products are divided into six principal categories: fleece, interlock, jersey, pique, rib and stretch. The principal uses of the Company's fleece fabrics are in manufacturing outerwear, children's and women's activewear and infant blanket sleepers. The Company's fleece fabrics are made of acrylic, polyester, cotton or blends of these fibers. The fabric is dyed and undergoes a series of finishing and abrading processes by which a surface is brushed or "napped" to give the fabric the "hand" or feel associated with fleece. In 1992, Dyersburg introduced a new line of outerwear fleece designed for use in recreational and casual sportswear apparel products. In 1993, this product line was complemented by the introduction of Dyersburg E.C.O. outerwear fleece made of yarn using fibers from recycled plastics. The Company's variety of outerwear fleece fabrics has grown significantly, with new fabric weights, blends, fiber configurations and finishes that promote functionality. Dyersburg's outerwear fleece products are engineered for water repellency, wickability, moisture vapor transport and warmth. The Company's branded outerwear fleece products have grown to include Kinderfleece targeted to children's outerwear, Citifleece targeted to adult outerwear, Dyersburg E.C.O. Lite, a lighter weight E.C.O. product, and Triplex, a new triple microdenier/Lycra product line. Garments manufactured from these products are primarily sold to catalog merchants and specialty retailers. Fleece fabrics sold to the children's activewear market, principally sweatshirts and sweatpants, are made of 100% acrylic fibers or polyester/cotton blends. Acrylic's low-cost ability to be dyed brighter colors and low shrinkage are of particular importance to the children's activewear market. Fleece fabrics sold to manufacturers of women's activewear are primarily made either of 50% polyester/50% cotton blends or polyester/cotton blends with higher cotton content. In recent years, there has been increased use in activewear apparel of polyester/cotton blends, which management believes is attributable to increased consumer demand for natural fibers, as well as the greater receptivity of these fabrics to printing compared to 100% acrylic fabrics. Polyester/cotton blends are also typically softer and less likely to "pill" than 100% synthetics, while still offering less fabric shrinkage than 1
As Of: 10/07 00:00 ET
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