Posted October 24, 2017

 

From reports

 

GREENSBORO, N.C. – International Textile Group, Inc. (ITG), parent company of Cone Denim, announced October 18 that it would cease operations at its iconic, 112-year-old Cone Denim White Oak plant here, effective December 31.

 

The plant is the last selvedge denim mill in the United States.

 

“For more than 125 years Cone Denim has defined American denim and authenticity with the White Oak mill representing the essence of Cone’s heritage,” said Kenneth T. Kunberger, president & CEO of Cone Denim and International Textile Group. “We truly regret having to take this action to close the mill, and we deeply appreciate the loyalty and dedication of all current and former employees of the White Oak mill. Their talent, effort, innovation, dedication and customer focus all combined to create a White Oak brand, heritage and legacy that will forever be the heart of the Cone Denim business.

 

“Today that legacy fuels inspiration and drives innovation throughout Cone’s global denim platform, furthering Cone’s tremendous leadership in denim authenticity, sustainability and performance,” Kunberger continued.

 

According to Cone Denim’s website, the White Oak plant is its denim flagship operation and operates modern equipment and technology along with vintage narrow shuttle looms for distinct creativity, precision and control.

 

The plant was named for the 200-year-old White Oak tree that stood nearby, according to the website. The first yarn bobbin was produced on April 20, 1905, and the plant has run continuously since then.

 

“We are saddened by today’s announcement,” said Greensboro Mayor Nancy Vaughan. “The City of Greensboro is committed to helping these employees and their families plan for their futures with the resources available at Guilford County Workforce Development.

 

“This loss is regrettable, as Cone Denim has long been an important part of our city’s history and heritage,” she added. “That will not change, especially as International Textile Group will retain its headquarters, community involvement, product development and other corporate and division activities in Greensboro. We remain optimistic about Greensboro’s employment prospects, as we chart an aggressive path toward new economic development with our regional partners.”

 

In October 2016, ITG announced that it had been acquired by Platinum Equity through a completed merger with an affiliate of Platinum Equity. At the time, the company was owned by W.L. Ross & Co., the firm controlled by turnaround investor Wilbur Ross, who rescued the Cone and Burlington brands in 2003 and 2004 to form ITG. Ross is now the U.S. Secretary of Commerce.