The ratings on Mount Airy, N.C.-based sock manufacturer Renfro Corporation reflect the company's participation in the highly competitive apparel manufacturing industry, its narrow product portfolio, customer concentration, and highly leveraged financial profile. These factors are somewhat mitigated by the strength of the well-known Fruit of the Loom brand. 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
