CHATTANOOGA, Tenn. (AP) -- A North Carolina textile company's decision to close will idle 350 workers in the Chattanooga area.
Belmont, N.C.-based R.L. Stowe Inc. announced Monday that it is closing after almost 108 years. The shutdown of its plants in North Carolina and Tennessee will put a total of about 550 people out of work.
President and CEO Harding Stowe said in a news release that "business conditions in the fourth quarter deteriorated suddenly and dramatically" and management doesn't see a recovery.
Stowe told the Chattanooga Times Free Press there is no scheduled date for closure although employees must be given 60 days notice.