NEW YORK — Pillowtex Corp., the company that marketed towels, sheets, blankets and other products under brand names like Cannon® and Fieldcrest® before abruptly closing in July 2003, has agreed to a settlement with the 6,000-plus workers it laid off, UNITE HERE! announced Tuesday.
The settlement, if approved by a bankruptcy court, will provide compensation for 24 1⁄2 days of pay, at an average of $2,000 per worker.
Eligible workers who receive a mailing asking them to approve the settlement will have 60 days to reply, the union explains. Once 80% of eligible workers accept the settlement, payments will be sent.