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182 FIELDCREST CANNON EMPLOYEES ACCEPT VOLUNTARY EARLY RETIREMENT; ACCEPTANCE LEVEL WITHIN EXPECTATIONS

 NEW YORK, Nov. 3 /PRNewswire/ -- Fieldcrest Cannon, Inc. (NYSE: FLD), today said that 182 salaried employees had accepted a voluntary early retirement program which was announced on Sept. 10, 1993. The employees who opted for early retirement account for approximately $8.0 million in annual salary and benefit costs.
 Approximately 400 of Fieldcrest's 2,200 salaried employees were eligible for the program. They had until Nov. 1 to decide whether or not to accept the offer.
 "We offered the early retirement program as part of our continuing effort to lower our operating costs," said James M. Fitzgibbons, chairman and chief executive officer of Fieldcrest Cannon. Fitzgibbons, who noted that the acceptance level for the program was in line with expectations, added, "We continue to make good progress toward our goal of being the low-cost producer of the best quality bed and bath products in the world."
 As previously announced the company accrued a pre-tax restructuring charge of $10 million in the third quarter to cover costs associated with the early retirement program. The charge reduced net income in the third quarter by $6.1 million, or 50 cents per primary share.
 Fieldcrest Cannon, Inc., manufactures and markets bed and bath products under the Fieldcrest, St. Marys, Cannon Royal Family, Cannon Monticello and private brand labels.
 -0- 11/3/93
 /CONTACT: Paul Verbinnen or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080/
 (FLD)


CO: Fieldcrest Cannon, Inc. ST: North Carolina IN: TEX SU:

WB-TW -- NY089 -- 0277 11/03/93 15:55 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:250
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