Sewing mill that promised 1,000 jobs reclaimed at auction
A sewing mill that once promised 1,000 jobs for Tennessee but never made anything has been reclaimed by the company that financed the sale.
PIKEVILLE, TN (AP) - A sewing mill that once promised 1,000 jobs for Tennessee but never made anything has been reclaimed by the company that financed the sale.
The Chattanooga Times Free-Press reports no bidder at a foreclosure auction Monday offered to pay more than the $1.4 million in debt owed by the Textile Corporation of America for the shuttered Pikeville plant. It was reclaimed by Whoriskey Inc.
In 2017, the textile company vowed to invest $27 million in the mill to produce apparel, bedding and linens, and it received more than $3 million in state grants. But court records show it used high-interest lenders to purchase the property.
An attorney for the company's CEO said in a statement that Textile Corporation of America had made "significant strides" in preparing the plant for production.
Information from: Chattanooga Times Free Press, http://www.timesfreepress.com
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