Fieldcrest-Cannon no longer operates as a business as of 2015, although before the U.S. textile industry went under, Cannon Mills was a major player. Based in Kannapolis, North Carolina, Cannon Mills once was the largest producer of textile products in the world. Fieldcrest was the textile manufacturing business of Marshall Field's, the Chicago-based department store giant.
According to textilehistory.org, Fieldcrest, Inc. purchased the bath and bedding operations of Cannon Mills in 1985-1986, and Fieldcrest-Cannon was established, but in a few years, it was all for naught. In September 1997, Pillowtex purchased Fieldcrest-Cannon. In November 2000, Pillowtex filed for Chapter 11 bankruptcy protection, coming back briefly in May 2002. On July 30, 2003, Pillowtex Corp. announced complete bankruptcy. Overnight, 7,650 people became unemployed. A bankruptcy judge approved selling its assets, machinery and brands to GGST LLC for $128 million.
The brands Cannon, Royal Velvet, Charisma and Fieldcrest became the intellectual property of SB Capital. The Cannon and Royal Velvet brands are licensed by Li & Fung as of 2015, which is headquartered in Hong Kong. Fieldcrest branded items have reappeared exclusively at Target, and Sears, Kmart and Walmart offer the Cannon brand; however, the textiles are not manufactured in the United States.
Overstock.com, Amazon.com, eBay and buycheapr.com also offer the products.