October 24, 2003
Oct. 24, 2003 -- WL Ross & Co LLC announced on Wednesday that creditors had voted overwhelmingly in favor of its purchase of Burlington Industries upon its reemergence from Chapter 11 reorganization, now targeted for Nov. 10, 2003.
A new senior management team will be named starting with Wilber L. Ross as chairman and Joe Gorga as president and chief executive officer. The current Burlington team will be leaving the company to pursue other opportunities.
Gorga was previously the general manager for the automotive and elastic fabrics businesses for Milliken and Co., as well as CEO of CMI Industries, Inc. He has served as the vice chairman of the American Textile Manufacturing Institute (ATMI) and chairman of the National Textile Association (NTA) and is currently a director of NTA.
?I am excited by the challenge of leading Burlington back to success. Despite the fiercely competitive nature of the global textile industry, the Nano-Tex progress and Kayser Roth opportunity both suggest positive momentum in that direction already is building,? stated Gorga.
Burlington has announced a variety of programs with Gap, Old Navy, Brooks Brothers and Kayser Roth Corporation, a leading U.S. producer of footwear.
Staff contact: Rita Kourlis Samuelson, ext. 29