LIDA SAID TO BE CLOSE TO SELLING ONE OF ITS 3 MAJOR BUSINESSES

NEW YORK--Lida Inc. is reportedly close to selling one of its three main business segments to an unidentified party.
Sources said the deal has been in the discussion stages for at least a few weeks. Lida's business units are printed fabrics, circular knits and swimwear fabrics.
Isaac Kier, Lida's chairman and chief executive officer, declined to comment.
Lida, a vertically integrated converter that went public in May 1992, has been posting losses almost every quarter since then, primarily due to start-up problems and a sluggish apparel market.
For the year ended Jan. 1, Lida posted a loss of $5.5 million against a loss of $3.4 million a year earlier. Sales increased 3.1 percent to $91.2 million from $88.5 million.
In addition to its sales and marketing offices here, Lida has three manufacturing facilities near Charlotte, N.C.

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