EDGEFIELD, S.C. — With his company unable to pay its debts, Martin Color-Fi Chairman and Chief Executive Officer James Martin cut his salary to $1 per year, effective Aug. 1.
After a difficult second quarter of fiscal 1998, the firm is examining financing alternatives, company officials said. Costs are being cut companywide in a bid to return to profitability.
Volume from the plastics recyclers' fibers division declined 19 percent, while raw material costs rose 10 percent during the second quarter, compared with the same period a year ago, the company said.
Second-quarter sales for Martin Color-Fi's carpet division also dropped 8 percent compared with 1997.