Fruit of the Loom

Fruit of the Loom is the name of the company and also a major brand of clothing, particularly underwear.

History

The Fruit of the Loom brand dates back to 1887 in Rhode Island when Bob Knight, a textile mill owner, saw the artwork a friend's daughter had painted.

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Much of its athletic outerwear was sold under the "Pro Player" label, a now defunct division.

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The company was part of Northwest Industries, Inc until NWI was purchased by William F. Farley in 1985 and renamed Farley Industries, Inc.

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Prior to the mid 1990s, most manufacturing was done in the US.

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William F. Farley, former Chairman, Chief Executive Officer, and Chief Operating Officer was forced out prior to bankruptcy in late 1999, after having piloted the company into massive debt and unproductive business ventures.

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The company was bought from bankruptcy by Berkshire Hathaway Corporation, controlled by legendary investor Warren Buffett, who wanted the valuable brand. He agreed in January 2002 to purchase the company for approximately $835 million in cash. The deal was concluded on April 29, 2002.

Related Topics:
Berkshire Hathaway - Warren Buffett - January - 2002 - April 29

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