CONCORD FABRICS TO TAKE QUARTER CHARGE

NEW YORK--Concord Fabrics Inc. said it will take a third-quarter charge of "not more than" $750,000 related to the restructuring of its woven fabrics business.
Concord said it will phase out areas that "don't have growth and earnings potential," including some of its imported and domestic woven print and solid colored fabrics that are sold to U.S. and offshore apparel manufacturers.
Although the restructuring will result in lower revenues in fiscal 1997, it is expected to result in increased operating profits and reduced overhead over the long term, Concord said. In the year-ago third quarter, Concord lost $215,673 on revenues of $43 million.
For the six months ended March 3, the company reported earnings of $481,188 on sales of $39.2 million. At the time, Concord said it was in the process of "tailoring its operation to the difficult business climate prevalent in the textile and apparel industry."

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