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FIELDCREST CANNON TO OFFER VOLUNTARY EARLY RETIREMENT

 NEW YORK, Sept. 10 /PRNewswire/ -- Fieldcrest Cannon, Inc. (NYSE: FLD) today announced that its board of directors has approved a voluntary early retirement program for salaried employees.
 Qualified employees must be at least 55 years of age by Nov. 1, 1993, and have a minimum of 20 years of service, making eligible approximately 400 of Fieldcrest Cannon's more than 2,200 salaried employees.
 "We have taken this action as part of our ongoing effort to lower operating costs," said James M. Fitzgibbons, chairman and chief executive officer of Fieldcrest Cannon. "The program should result in reduced salaried staffing levels, making them more compatible with our financial and business goals. It is our feeling that this program, coupled with our other cost reduction initiatives, will make Fieldcrest Cannon a more competitive, more efficient operation."
 Under the terms of the program, those opting for early retirement will have three years of service and three years of age added to their existing service and age for the purpose of calculating retirement benefits. In addition, they will receive a supplemental retirement payment, paid out over a two-year period, which will consist of the equivalent of one week's current pay for each year of service, up to maximum of 26 weeks. Eligible employees have until Nov. 1, 1993, to decide whether to participate in the program.
 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- 9/10/93
 /CONTACT: Paul Verbinnen or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080/
 (FLD)


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

GK-WB -- NY041 -- 0773 09/10/93 13:18 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
Words:282
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