The sudden closing of Color-Tex on Thursday is the second loss of a local textile company in recent weeks.

Stanly Knitting Mills, headquartered in Oakboro, has begun closing two plants, eliminating about 250 jobs.

By the end of the year, the company expects to finish closing its Main Street Plant in Oakboro, which has employed about 220, and its Richfield Plant, which employed about 30.

The decision, which was first announced in July, does not affect Stanly Knitwear’s Headwear or Top Threads Sportswear divisions. Both of those divisions operate at the Fifth Street Plant in Oakboro.

In a letter to employees, President Marshall Rogers, said, “We have determined that apparel manufacturing is not viable in the U.S. We, therefore, want to exit the battlefield on our terms and not be forced out of business.”

The company complied with federal Worker Adjustment and Retraining Notification Act by giving 60 days notice. The closing officially began on Sept. 21.

The company is offering employees a severance package, based on seniority, and has also set up a job-clearing office to coordinate calls from prospective employers. Prospective employers should call Judy Meggs at 485-3311.

The company said it plans to honor all commitments to customers and try to sell its brands and distribution network.

“We can exit the battlefield with our heads held high,” Rogers wrote. “You have accomplished extraordinary things ...

“We were successful for longer than most in our field. The rules have changed, the market has changed and the mountain before us is too high to climb.”

Founded in 1946 as a ladies hosiery business, the company expanded in the early ‘70s into all segments of the business, from initial weaving to distribution of the final product.

By the mid-’70s, Stanly Knitting added the headwear manufacturing division.

The company’s labels, Stanly Headwear and East Course Headwear, continue to be leaders in the field of blank and decorated caps, knit headwear and golf headwear.

The company acquired Top Threads Sportswear earlier this year.