New Leadership and Reduced Debt
LYCRA Company, a leader in the apparel and personal care sectors, has completed its financial restructuring and will exit Chapter 11 protection on May 20, 2026. This milestone marks a new beginning as the company seeks to secure a robust financial future.
Successfully reducing its long-term debt by over $1.2 billion, the company has also secured more than $75 million in new investments. These efforts enhance financial flexibility and support a growth strategy focused on innovation and global operations.
Investment funds with a global presence now own the company, and they are committed to supporting LYCRA’s brand and product development. A strengthened balance sheet will allow the company to emphasise innovation and customer partnerships.
With Dean Williams appointed as the interim Chief Executive Officer, LYCRA Company has new leadership in place. Williams, previously the Chief Financial Officer, has over seven years with the company, bringing extensive experience in financial leadership and strategic planning. He will lead until a permanent CEO is appointed, following the departure of former CEO Gary Smith.
Board of Directors Overhaul
Bruce Rubin now serves as Executive Chairman, bringing over 45 years of experience in the energy and chemicals industry. He emphasised the company’s readiness to enhance operational excellence and brand growth.
“With a strong foundation in place, LYCRA Company will be well-positioned to enhance operational excellence, accelerate innovation, deepen customer partnerships, and reinvest in our high-quality products,” Rubin stated. The board’s leadership is expected to steer the company toward a successful future.
Headquartered in Wilmington, Delaware, LYCRA Company is recognised globally for its innovations in fibre and technology solutions, owning leading brands like LYCRA®, COOLMAX®, and THERMOLITE®. The restructuring aims to ensure continued product quality and market leadership.
Throughout the restructuring process, LYCRA Company maintained uninterrupted operations, consistently delivering on commitments to its employees, customers, and vendors. Long-term investors in the new ownership group bring deep experience and a commitment to building on the positive momentum of the restructuring process.
