WL Ross & Co. LLC announced that creditors had voted overwhelmingly in favor of its purchase of Burlington Industries upon its reemergence from Chapter 11 reorganization now targeted for November 10, subject to prior Bankruptcy Court approval and named a new senior management team for Burlington going forward.
The management structure will consist of Wilbur L. Ross as Chairman and Joseph L. Gorga as President and Chief Executive Officer. Mr. Gorga (51) joined Burlington in 2002 as Executive Vice President North American Operations. Previously he had been General Manager for the automotive and elastic fabrics businesses for Milliken and Company, one of the world's largest textile concerns, as well as CEO of CMI Industries Inc. He also has served previously as the Vice Chairman of the American Textile Manufacturing Institute (ATMI) and Chairman of the National Textile Association (NTA) and is currently a Director of NTA.
The current Burlington senior management team will be leaving the Company to pursue other opportunities, including George W. Henderson, III, Chairman and CEO, John D.Englar, Senior Vice President Corporate Development and Law, Charles E. Peters, Jr, Senior Vice President and CFO, Judith J. Altman, Senior Vice President Global Operations Support and CIO, Robert A. Wicker, Vice President & General Counsel and James M. Guin, Vice President Human Resources and Corporate Communications.
Mr. Ross also announced that Burlington's Nano-Tex LLC affiliate has now had its stain repellent, NANO-CARE, accepted nationwide for pants and shirts by Gap and Old Navy Stores and by Brooks Brothers for a variety of programs, and NANO-DRY enhanced fabrics adopted by Nike, Inc. for Tiger Woods golf pants.
He added that Burlington has entered into a new licensing arrangement with Kayser Roth Corporation, the leading U.S. producer of footwear for a series of new items under the Burlington B(TM) label.
He continued, “With these encouraging developments and under Joe Gorga's leadership, Burlington will enhance its already powerful brand name and will continue to develop textile applications for cutting edge technological innovations. He also will manage the operations to make the Company more cost competitive.”
Mr. Gorga said, “I am excited by the challenge of leading Burlington back to success. Despite the fiercely competitive nature of the global textile industry, the Nano-Tex progress and Kayser Roth opportunity both suggest, positive momentum in that direction already is building.”
Mr. Gorga holds a BS in Textile Engineering from Philadelphia University and an MS in Textile Engineering from the Institute of Textile Technology in Charlottesville, Virginia. He and his wife, Carolyn, have two children and reside in Greensboro, North Carolina.
