Dan Rivers bracing to tough it out

Hogsett, Don
November 2003
Home Textiles Today;11/17/2003, Vol. 25 Issue 12, p1
Trade Publication
This article reports on the business plan of Dan River Inc. and its financial performance for the third quarter of 2003. As the company works toward structuring a plan for its banks that would ease covenant requirements, the company has also embarked on the process of becoming a two-pronged operation that will both source from overseas and manufacture at home. According to its president and chief operating officer, Tom Muscalino, the company expects to capitalize on inexpensive labor and to further improve its operations using internal assets to respond to near-term, fast demand and to mitigate long-term inventory risk. Meanwhile, the company has recorded a third quarter loss of $103.5 million, compared with a year-before profit of $4.7 million. Sales dropped by almost 30 percent. Weaknesses in all three of its business units pushed total sales down by 29.6 percent, to $103.7 million from $147.7 million.


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