Cleaning & Restoration Breaking News

Mohawk to Buy Burlington Industries' Lees Carpet Unit

July 22, 2003
/ Print / Reprints /
/ Text Size+
CALHOUN, Ga. (Dow Jones)--Mohawk Industries Inc. agreed with W.L. Ross & Co. to acquire the assets and assume certain liabilities of Lees Carpet, a unit of bankrupt Burlington Industries Inc.

Financial terms weren't disclosed.

In a press release Monday, Mohawk said Ross - which has agreed to purchase certain assets and assume some liabilities of Burlington in connection with its exit from Chapter 11 bankruptcy - included in its bid a provision for Lees Carpet to be sold to Mohawk if Ross is successful in the auction process.

Burlington, which filed for bankruptcy protection in December 2001, plans to auction its assets on July 28 and has said it doesn't expect any recovery for common shareholders. The company decided on the auction after its planned $579 million sale to Berkshire Hathaway Inc. fell apart in February.

A hearing to approve the auction is set for July 31.

For the second quarter ended March 29, Burlington's carpet business reported sales of $58.8 million. The assets were worth about $109.4 million at that date.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.


While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine


2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view