News

200 jobs lost as company in credit bind closes plants

JOURNAL STAFF AND WIRE REPORT

Published: October 3, 2008

RALEIGH - A textile company said Tuesday that it has closed two plants and eliminated 200 jobs because it couldn't find the credit to keep going.

Spectrum Yarns Inc. blamed the credit crunch in a letter to state authorities announcing the job cuts. Company president C. Douglas Blanchard said that managers tried to find financing until Monday, then closed plants in Marion and Kings Mountain on Tuesday.

Hubert Johnson, the manager of the Kings Mountain plant, said yesterday that without money to make payroll or buy dyes and yarns, the company was out of choices.

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