SPRINGS COULD BE CLOSELY HELD AGAIN.
HFN: The Weekly Newspaper for the Home Furnishing Network, February, 2001 by Leizens, Leticia
FORT MILL, S.C.-Crandall Close Bowles, who boldly announced last week that she wants to take Springs Industries private, is reversing the path laid out by her father, Hugh William Close, who took the company public in 1966.
"Our family feels that taking the company private with a strong partner more effectively positions us to deal with this complex and changing environment," said Bowles, Springs chairman and chief executive officer.
The Close family, with private equity firm Heartland Industrial Partners L.P. as partner, has proposed to acquire Springs for an estimated $1.2 billion and privatize the 114-year-old home textile firm.
The proposal answers industry speculation about how Springs, a conservatively managed company with $2.3...
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