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SHEFFIELD INDUSTRIES, INC. (NASDAQ) LAYS OFF 200 EMPLOYEES IN COST- CUTTING PROGRAM; IS TEMPORARILY TRADING UNDER HOSEE SYMBOL

SHEFFIELD INDUSTRIES, INC. (NASDAQ) LAYS OFF 200 EMPLOYEES IN COST-
 CUTTING PROGRAM; IS TEMPORARILY TRADING UNDER HOSEE SYMBOL
 MIAMI, Oct. 26 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSEE), manufacturers and distributors of ladies sheer hosiery and other apparel products announced today that it has temporarily laid off 200 production employees in its Hosiery Division.
 "As we announced on Oct. 8, 1992, Sheffield has embarked upon a plan to reduce company overhead, inventory, and selling, general and administrative expenses as a result of unforeseen external events during the past three months," said Mitchell A. Hammer, president and chief executive officer. "These steps are consistent with our revised business plan to restore the company to a sound cash position within 120 days."
 The three unforeseen external events discussed in the Oct. 8, 1992 announcement were a significant power surge affecting production equipment and financial records, the adverse effect of the bankruptcy of our customer, Phar-mor, Inc., and property damage and production disruption resulting from the effects of Hurricane Andrew on Dade County, Florida.
 Sheffield is temporarily trading under the NASDAQ stock symbol HOSEE pending the filing of the Form 10-K report for fiscal 1992 ended July 3, 1992 which is on extension due to the destruction of financial records by the power surge. The company expects to file its 1992 10-K on or before the middle of December.
 Sheffield also announced that Irwin Hochberg, principal of a New York based accounting firm, has resigned as a director of the company because his commitments in the Northeast do not allow him sufficient time to devote to Sheffield.
 Sheffield industries manufactures and distributes ladies and children's hosiery products and pantyhose, knee highs and tights under licensed labels and private labels of its customers. Sheffield also manufactures and markets T-shirts, sweat shirts and other printed apparel under its "Beezil" label and under licenses from major colleges, universities and other licensors, as well as manufactures and markets children's pantyhose, tights and sleepwear under the "LeRoi" trademark.
 -0- 10/26/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield, 305-624-8493/
 (HOSEE) CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU:


KD -- NY104 -- 5012 10/26/92 16:22 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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