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  • From: "Common Sense Foundation" <david@common-sense.org>
  • To: <common-sense@lists.ibiblio.org>
  • Subject: Consider This: Pillowtex Footnote
  • Date: Fri, 10 Dec 2004 17:01:48 -0500

Title: Pillowtex Footnote

The COMMON SENSE Foundation

Consider This…

PILLOWTEX FOOTNOTE

An auction today sold off the giant property in downtown Kannapolis that formerly housed Pillowtexs largest manufacturing facility. In a cruel joke on the thousands of displaced workers and their families who have suffered from Pillowtexs demise, the property was purchased at auction by David Murdock.

Murdock is notorious for his deeds when he owned Cannon Mills in the 1980s and raided the Cannon workers' pension fund to finance his takeover bid for Occidental Petroleum--a takeover that profited Murdock to the tune of $60 million and left the pension plan broke. Only after a lawsuit did workers recover even a fraction of what Murdock had stolen.

Pillowtex eventually bought Cannon in 1997, a move that resulted in huge, crippling debt that hastened the companys demise last year.

Now, with most of the job retraining money long gone and many former Pillowtex employees struggling to feed their families, they will pick up Saturdays newspaper and read that David Murdock once again has the opportunity to profit greatly from their misfortune.

Several major corporate creditors stand to gain the most from this auction. The rich get even richer, and the workers are left with little hope for survival.

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  • Consider This: Pillowtex Footnote, Common Sense Foundation, 12/10/2004

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