Kannapolis, NC, Nov. 5--Pillowtex Corporation announced today that it has successfully closed the previously announced sale of substantially all of its remaining assets to GGST LLC.
In accordance with the terms of the court approved sale agreement, GGST elected to exclude from the transaction the Pillowtex facilities located in Eden, NC; Kannapolis, NC (except for the IT building); Dallas, TX; Hanover, PA; and Tunica, MS.
GGST's election to exclude these facilities resulted in a $7 million reduction in the previously announced purchase price, bringing the total purchase price received by Pillowtex to $121 million. GGST retains its rights to the equipment located at all of Pillowtex's facilities, including the excluded facilities. Pillowtex intends to market the excluded facilities for sale.
