ZEDEK HONORS: Al Fenner, president of Malibu Textiles Inc. and Rob Feinberg, president of apparel vendor Phoebe Co., will each receive the “Jerusalem Award” from the American Committee for Shaare Zedek Medical Center in Jerusalem. The awards will be distributed at the annual fashion industry Candlelight Gala held at the Russian Tea Room in New York on Wednesday, which also seeks to raise funds for the hospital.
HANGING IN THERE: Dan River Inc. said last week that the New York Stock Exchange had agreed to continue listing its shares, provided that its market capitalization does not drop below $15 million and its share price not remain below $1 for 30 consecutive days.
The NYSE had warned the Danville, Va.-based fabrics maker in December that it was at risk of being delisted. Many other major textile mills have lost their places on the NYSE over the past year, including Burlington Industries, Guilford Mills and Galey & Lord, all of which are now operating under Chapter 11 bankruptcy protection. The stocks of those three firms are now traded over the counter.
At this point, only two other U.S. textile mills that produce apparel fabrics remain listed on the NYSE. Delta Woodside Industries had been warned that it faced delisting, but last month performed a one-for-four reverse stock split to pull up its share price. Cone Mills Corp. also retains its place on the NYSE.
Dan River shares closed out last week at $1.06. Delta Woodside was at $1.95 and Cone Mills at $2.29. Fiber producers DuPont, Unifi and Wellman also retain their NYSE positions.