Gildan declares 1Q charge for Heritage

Gildan Activewear Inc. said in a regulatory filing Tuesday that it expects to take a charge of between $19 million to $23 million in the first quarter.

The charge is related to the impairment of a trade receivable from Heritage Sportswear, one of Gildan’s U.S. distributor customers within the imprintables channel.

Heritage has been in Chapter 11 bankruptcy protection trying to find a buyer. Its unsuccessful attempt ended Tuesday with a bankruptcy judge approving a request to liquidate the company’s assets.

Gildan said the impairment will be worth 9 to 11 cents per diluted share. The company now projects adjusted diluted earnings to be in the range of 14 cents to 16 cents.

Gildan said about $60 million in sales related to Heritage “will be mostly absorbed by other wholesale distributors within the channel.

The company reaffirmed its fiscal 2019 guidance of projected sales growth in the mid-single digit. It now projects fiscal 2019 diluted earnings of between $1.80 and $1.90, and adjusted earnings between $1.90 and $2.

Richard Craver

Charlotte group buys 35 Forsyth tracts

A portfolio of 35 Forsyth County land tracts has been purchased for a combined $1.77 million by a Charlotte real-estate firm, according to a Forsyth County Register of Deeds filing Tuesday.

The buyer is Kings Fund LLC. The seller was S.E. Snyder Group of Winston-Salem.

The homes are: 518 and 519 W. 20th St.; 421 E. 24th St.; 609 and 615 E. 25th St.; 849, 850, 855, 860, 861 and 918 Camel Ave.; 1652 N. Cherry St.; 2432 Gilmer Ave.; 408 Gilmore Ave.; 301 and 2312 N. Glenn Ave.; 230 and 2333 Greenway Ave.; 624, 2019, 2020, 2024 and 2050 Harrison Ave.; 400 Ivy Ave.; 304 Montrose Ave.; 2331 and 2380 Okaline Ave.; 2354, 2810 and 3040 N. Patterson Ave.; 857, 902 and 909 Rich Ave.; 2517 Stokes Ave.; and 2010 Temple St.

Richard Craver

Imperial Brands ‘on track’ with fiscal 2019 guidance

Imperial Brands PLC, owner of ITB Brands LLC of Greensboro, said Wednesday it is “on track to meet constant currency net revenue and earnings expectations for fiscal 2019.

Imperial projects net revenue growth at, or above, the upper end of its 1 to 4 percent revenue range and earnings per share growth within a 4 to 8 percent guidance range.

Richard Craver

Clemmons Town Center property sold for $1.6M

A Dunn commercial real-estate group has spent $1.6 million to buy a 1.64-acre undeveloped tract in the Clemmons Town Center development, according to a Forsyth County Register of Deeds filing Monday.

The tract is adjacent to the current end of Clemmons Point Road.

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Richard Craver

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