Spectrum Yarns Inc. has announced the permanent closing of plants in Kings Mountain and Marion, eliminating about 200 jobs.
According to a letter from company president C. Douglas Blanchard to the N.C. Department of Commerce, Divison of Workforce Development, the closings were related “in part to the recent problems in the nation's financial markets. In the midst of this national financial crisis, Spectrum has been unable to obtain sufficient financing to keep operations going.”
“It's sad,” said Kings Mountain Mayor Rick Murphrey, retired vice president of sales at Spectrum. “I worked there about 36 years and it was like I was part of a family. I wish all those people the best.”
The plant closings were effective Tuesday.
He said Spectrum's dyed yarn plant in Kings Mountain was one of the city's largest water customers.
“We'll be able to adjust,' Murphrey said. “But we'll miss them.”
Like many other communities across the Carolinas, Kings Mountain's textile industry had declined in recent years.
“It's been a very difficult time,” Murphrey said. “A great way of life has been destroyed.”