R.L. Stowe Mills will close its doors after almost 108 years in the sales yarn business, company officials announced today.
Harding Stowe, the company's president and chief executive, said the yarn operation will close facilities in Tennessee and North Carolina which will put about 550 people out of work. About 350 of those employees work in the Chattanooga area, he said.
Mr. Stowe said the company, based in Belmont, N.C., will operate under the Warn Act, which mandates that companies give a 60-day notice before closing. The mills will operate day-to-day beyond that time.
"The last day is really dependent upon business conditions," Mr. Stowe said. "There is no firm set (last) day."
See tomorrow's Chattanooga Times Free Press for complete coverage.