Company Comes To An End
The textile companies and plants owned and operated in full or in part by the Cone family were Revolution Cotton Mills, Asheville Cotton Mills, Minneola Manufacturing Company, Salisbury Cotton Mills, Cliffside Mills, Eno Cotton Mills, Granite Finishing Works, Tabardrey Manufacturing Company, Florence Mills, John Wolf Textiles, Olympic Products, and American Spinning Company.
The company went private again in 1983 with the threat of a takeover by Western Pacific Industries. At the time the company had twenty-one plants and 10,800 employees. The company then had a value of $385 million. In 2003, Cone Mills Corporation filed for Chapter 11 bankruptcy protection. By 2004, all of Cone's assets had been acquired by W. L. Ross and Company and were then combined with what remained of Burlington Industries to form International Textile Group.
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“Is not disease the rule of existence? There is not a lily pad floating on the river but has been riddled by insects. Almost every shrub and tree has its gall, oftentimes esteemed its chief ornament and hardly to be distinguished from the fruit. If misery loves company, misery has company enough. Now, at midsummer, find me a perfect leaf or fruit.”
—Henry David Thoreau (1817–1862)