NEW YORK — At a time when many textile executives have been sorting through their debts and wondering how to pay them, officials at Fab Industries Inc. have been dealing with the opposite problem: figuring out the best way to pay surplus cash out to shareholders.

The company hasn’t been spared the intense pain that has afflicted most U.S. mills in recent years. Falling sales have forced it to scale back its operations considerably — the mill has cut its workforce, by more than 1,000 employees, to 676.

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