Milliken to close its Barnwell textile plant

A Barnwell County textile plant is closing after more than 50 years of operation - a move that will affect 125 workers.

Milliken & Co. has announced it will start cutting operations in January and closing its doors for good by mid-2009.

"Some of the markets Barnwell served will be shifted to other facilities in South Carolina," said Richard Dillard, the director of public affairs for Milliken & Co.

A shrinking market, global competition, a poor economy and a push toward consolidation to strengthen the company's efficiency are reasons for the close, he said.

Milliken employs about 125 people, and workers will begin to be phased out after Thursday , Mr. Dillard said.

He said he had no specific details on severance pay, a detailed time line or other matters related to the closing. Company officials said efforts will be made to offer Barnwell workers jobs at one of Milliken's more than 25 plants in South Carolina.

GMAC lowers credit score needed for loan

NEW YORK -- GMAC Financial Services, General Motors' troubled financing arm, on Tuesday loosened its tight lending standards, which in recent months have made it more difficult for would-be car buyers to get loans.

GMAC's move marks the first time that a financial institution has said it will use money from the $700 billion bank bailout to offer more affordable credit to consumers.

GMAC said that, as a result of $5 billion in government aid, it will resume offering automotive financing to customers with credit scores as low as 621, eliminating restrictions put in place two months ago as a result of the tight credit markets that mandated a minimum score of 700.

Victims of Madoff include movie stars

NEW YORK -- The financial whirlpool created by Bernard Madoff continued to churn Tuesday as the price tag of liquidating his old firm rose, and duped investors including actors Kevin Bacon and Kyra Sedgwick struggled to accurately estimate how much they lost.

A publicist for the celebrity couple confirmed that they, too, were among the unlikely victims of what Mr. Madoff, according to the FBI, has described as a giant Ponzi scheme. The spokesman, Allen Eichhorn, wouldn't say how much of their savings were gone.

Yeshiva University, which had initially estimated its losses in Mr. Madoff's alleged scheme at $110 million, offered a clarification Tuesday, saying that its actual losses had been only $14.5 million.

In other news

Shoe Carnival, 1343 Augusta West Parkway, will close Jan. 18, its manager said.