FTL TO CLOSE KENTUCKY SITE, CUT 280 JOBS
NEW YORK — Fruit of the Loom is closing its screen-printing and embroidery factory, affecting 280 employees, the bankrupt firm said Thursday.
The factory, located in Frankfort, Ky., is part of FTL’s Pro Player division, which received bankruptcy court approval last month to liquidate.
FTL last month told 180 employees at its Salem Sportswear’s headquarters in Hudson, N.H., and another 20 employees in New York and Canada that their jobs would be affected by the liquidation.
South Florida Stadium Corp., Huizenga Holdings Inc., and professional sports teams Miami Dolphins and Florida Marlins are seeking bankruptcy court approval to end a contract with FTL to rename a stadium. The former Joe Robbie Stadium was renamed Pro Player Park, and the plaintiffs said they need to quickly remove and replace the current stadium logo before the start of the professional baseball season in April.
Bank of America and Credit Suisse First Boston have reportedly negotiated a settlement with FTL on the firm’s request to waive certain sections of a guarantee concerning a $65 million loan made to William Farley, FTL’s former chairman and chief executive. If the court approves, FTL would be able take legal action against Farley.