US textiles have become increasingly nervous after Burlington Industries and Malden Mills went bankrupt recently. Indeed, senor executives at a number of textile mills expressed fears that bankruptcies will continue to occur in 2002.
Many experts clarify that there are common problems facing US textile mills include a decline in demand for US manufactured products, declining profits, crushing debt burdens and, as one analyst puts it, “dog-eat-dog” competition.
Source: A.T.A Journal: Journal for Asia on Textile and Apparel, Vol. 13, No1, ISSN 1015-8138, Feb/March 2002)