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A HISTORY OF PILLOWTEX
1887: Local investors led by James W. Cannon raise $75,000 to form Cannon Manufacturing Co. in Concord and open a small yarn-spinning plant.
1906: Cannon buys a former cotton plantation in what later became Kannapolis and later hires people to design the mill and lay out the village of Kannapolis.
1982: California businessman David Murdock buys the company from the Cannon family for $413 million.
1997: Pillowtex of Dallas buys Fieldcrest Cannon for $700 million, one of the largest deals in textile history.
NOVEMBER 2000: Pillowtex files for Chapter 11 bankruptcy protection, citing debt of more than $1 billion.
MAY 2002: Pillowtex leaves bankruptcy.
JULY 30, 2003: Pillowtex refiles for bankruptcy protection, closes its 16 plants and lays off 7,650 people.
DECEMBER 2004: Murdock acquires the sprawling Plant 1 site in Kannapolis at an auction for nearly $6.4 million.
SEPTEMBER 2005: Murdock announces plans to build a biotech complex, the N.C. Research Campus, at the mill site. The $1.5 billion project is a collaboration with several North Carolina universities and will focus on health and nutrition.
JULY 2006: After waiting three years for compensation of employment-related claims, more than 5,000 former unionized Pillowtex workers receive settlement checks that net them an average of $1,227. Nonunion workers later receive a settlement that netted them about $1,000, on average.
JUNE 2007: Pillowtex enters its court-approved liquidation phase.
JULY 2008: The bills for lawyers and other bankruptcy experts in the case have hit $33.5 million. Pillowtex hopes to finalize liquidation by year's end.
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