The ratings on Mount Airy, N.C.-based sock manufacturer Renfro Corp. reflect the company's participation in the highly competitive apparel manufacturing industry, its narrow product portfolio, customer concentration, and highly leveraged financial profile. The strength of its well-known Fruit of the Loom brand mitigates these factors. Although Renfro does not own the brand, it does have a long-term license to sell Fruit of the Loom socks until 2026. Standard&Poor's Ratings Services assigns a high degree of business risk to the apparel manufacturing industry because of intense competition, low barriers to entry, and the commodity-like nature of certain apparel items, such as socks. Renfro is a designer, manufacturer, and marketer of men's, women's, and children's socks, selling primarily to mass
