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SHEFFIELD REPLACES OFFICERS AND AUTHORIZES INVESTIGATION OF PAYMENTS

 MIAMI, May 11 /PRNewswire/ -- Sheffield Industries, Inc. announced today that the board of directors has authorized and directed Management to complete a Plan of Executive Reorganization which will result in the replacement of the company's chief executive officer and chief financial officer. Such a plan shall be finalized and provided to the Creditors' Committee no later than Friday, May 14, 1993. In addition, the board of directors directed management to prepare a plan of transition to provide for the orderly transfer of control to the newly designated chief executive officer and chief financial officer.
 The board of directors has also authorized management to engage an independent construction firm to investigate, review and validate funds paid by the company during 1992 to I-95 Custom Home Builders. The construction firm engaged shall be directed to prepare a report giving its opinion as to the value and reasonable cost of improvements done by I-95 Custom Home Builders.
 Finally, the board of directors has directed that management develop and submit to the board no later than May 14, 1993 a modified business plan to reduce weekly costs of operations by at least $35,000 per week.
 Sheffield Industries, Inc. manufactures and distributes ladies' and children's hosiery products and panty hose, knee-highs and tights under various brand labels and private labels to customers including K-Mart, Wal-Mart, J.C. Penney, Rite-Aid, F.W. Woolworth, Family Dollar, Payless Shoe Source, and Sears. Sheffield also markets T-shirts, sweatshirts and sweatpants under licenses from major colleges and universities and manufactures and markets "LeRoi" children's panty hose, tights and sleepwear.
 -0- 5/11/93
 /CONTACT: Mitchell A. Hammer president of Sheffield Industries,


Inc., 305-624-8493/

CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU: PER

LR-KW -- NY080 -- 7182 05/11/93 15:27 EDT
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Publication:PR Newswire
Date:May 11, 1993
Words:293
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