"We continue to make progress toward improving our operations and balance sheet," said Daniel K. Frierson, chairman and chief executive officer. "As of June 30, 2001, we have reduced our debt by approximately $31 million compared with the high point in mid-August 2000, including $16 million in the second quarter 2001. We have executed a letter of intent to sell and lease back our North Georgia distribution center. Our focus continues to be on simplifying operations, improving profitability and reducing debt."
The company is scheduled to release its second quarter earnings on August 2.