<SEC-DOCUMENT>0001157523-20-000554.txt : 20200421
<SEC-HEADER>0001157523-20-000554.hdr.sgml : 20200421
<ACCEPTANCE-DATETIME>20200421164557
ACCESSION NUMBER:		0001157523-20-000554
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200415
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200421
DATE AS OF CHANGE:		20200421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULP INC
		CENTRAL INDEX KEY:			0000723603
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				561001967
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0503

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		20805691

	BUSINESS ADDRESS:	
		STREET 1:		1823 EASTCHESTER DRIVE
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
		BUSINESS PHONE:		3368895161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2686
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52207371.htm
<DESCRIPTION>CULP INC. 8-K
<TEXT>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT PURSUANT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">TO SECTION 13 OR 15(d) OF THE</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;"><u>Date of Report (Date of earliest event reported) April 15, 2020</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;"><u>Culp, Inc.</u></div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0219c615a16748419315cd1e5733d05c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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          <td style="width: 31.21%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">North Carolina</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1-12597</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">56-1001967</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.21%; vertical-align: top;">
            <div style="text-align: center;">(State or Other Jurisdiction</div>
            <div style="text-align: center;">of Incorporation)</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 31%; vertical-align: top;">
            <div style="text-align: center;">(I.R.S. Employer</div>
            <div style="text-align: center;">Identification No.)</div>
          </td>
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    <table cellspacing="0" cellpadding="0" border="0" align="center" id="ze048bdacd8cf4731b4677ff858076e18" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1823 Eastchester Drive</div>
            <div style="text-align: center;">High Point, North Carolina&#160; 27265</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Address of Principal Executive Offices)</div>
            <div style="text-align: center;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="ze7724a8f850f4f04b555c69497a813c4" style="border-collapse: collapse; width: 55%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">(336) 889-5161</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="zbe0dff75bf464916bdfd57270c892c36" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

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            <div style="text-align: center;">Not Applicable</div>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Former name or address, if changed from last report)</div>
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        </tr>

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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style: italic;">see</font> General Instruction A.2. below):</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div><br>
    </div>
    <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    <div><br>
    </div>
    <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    <div><br>
    </div>
    <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z54b5dc5c22344589a1f6870ecc9f3509" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
          </td>
          <td style="width: 16%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol</div>
          </td>
          <td style="width: 46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">Name of exchange on which registered</div>
          </td>
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        <tr>
          <td style="width: 38.1%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Common stock, par value $0.05 per share</div>
          </td>
          <td style="width: 16%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">CULP</div>
          </td>
          <td style="width: 46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="color: rgb(0, 0, 0);">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
        &#167;240.12b-2).&#160; Emerging growth company &#9744;</div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
      provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>
    <div><br>
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    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 1.01 &#8211; Entry Into a Material Definitive Agreement</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">On April 15, 2020, Culp, Inc. (the &#8220;Company&#8221;) received a loan from Pinnacle Financial Partners (&#8220;Lender&#8221;) in an aggregate principal amount of $7,605,500 (the &#8220;Loan&#8221;) pursuant to the U.S. Small
      Business Administration (the &#8220;SBA&#8221;) Paycheck Protection Program under Division A, Title I of the Coronavirus Relief and Economic Security Act of 2020 (the &#8220;CARES Act&#8221;).&#160; The Company plans to use the Loan proceeds for covered payroll costs, rent, and
      utilities in accordance with the applicable terms and conditions of the CARES Act.&#160; The Loan will help enable the Company to retain more of its employees, maintain payroll and benefits, and make lease and utility payments while producing and
      supplying critical products for essential businesses during the unprecedented business disruption arising from the COVID-19 global pandemic.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">The Loan is evidenced by a Note dated as of April 14, 2020, issued by the Company to the Lender (the &#8220;Note&#8221;), and matures two years from the date of the Note.&#160; The Loan is unsecured and bears
      interest at a rate of 1.0% per annum.&#160; Monthly principal and interest payments will commence on November 14, 2020.&#160; The Company may prepay the principal of the Loan at any time without incurring any prepayment charges.&#160; The Note contains customary
      events of default relating to, among other things, payment defaults or breaches of the terms of the Note, bankruptcy, making materially false and misleading representations to the SBA or Lender, and material adverse changes in the Company&#8217;s financial
      condition or business operations.&#160; The occurrence of an event of default may require immediate repayment of all amounts outstanding under the Note, collection of all amounts owing from the Company, or filing suit and obtaining judgment against the
      Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">Under the terms of the CARES Act, recipients of loans under the Paycheck Protection Program (the &#8220;PPP&#8221;) can apply for and be granted forgiveness for all or a portion of the loan granted under the
      PPP.&#160; Such forgiveness will be determined, subject to limitations under the PPP, based on use of loan proceeds for covered payroll costs and certain rent, utility, and mortgage interest expenses, as well as the maintenance of employee and
      compensation levels.&#160; Any forgiveness of the Loan will be subject to approval by the SBA and Lender and will require documentation of expenditures in accordance with the SBA requirements.&#160; No assurance is provided that the Company will obtain
      forgiveness of the Loan in whole or in part.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">The foregoing description is only a summary of certain provisions of the Note and is qualified in its entirety by the full text of the Note, a copy of which will be filed with the Company&#8217;s Annual
      Report on Form 10-K for the fiscal year ending May 3, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 2.03 &#8211; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">The disclosure in Item 1.01 of this report is incorporated into this Item 2.03 by reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 8.01 &#8211; Other Events</div>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; color: rgb(0, 0, 0);">On April 21, 2020, the Company issued a press release providing a business update in response to the COVID-19 pandemic. &#160;A copy of the press release is furnished as Exhibit 99.1 to this Current
        Report on Form 8-K and is incorporated herein by reference.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; color: rgb(0, 0, 0);">The information furnished in this Item 8.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the
        Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 9.01(d) &#8211;Exhibits</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">(d)&#160; Exhibits</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">99.1 &#8211; News Release dated April 21, 2020</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="background-color: #FFFFFF;">
      <div style="color: rgb(0, 0, 0); font-weight: bold;">Forward-Looking Statements</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">This Current Report on Form&#160;8-K contains forward-looking statements within the meaning of&#160;the federal securities laws, including the Private Securities Litigation Reform Act of
      1995 (Section&#160;27A of the Securities Act of 1933 and Section&#160;21E of the Securities and Exchange Act of 1934), concerning the Company&#8217;s expectations, anticipations, intentions, or beliefs regarding the Loan and the Company&#8217;s potential uses of the Loan
      proceeds. These express or implied statements are not promises or guarantees and involve substantial risks and uncertainties that may cause actual events and results to differ materially from such statements.&#160; Important factors that could cause the
      Company&#8217;s actual results to differ materially from those expressed or implied in the forward-looking statements include: (a) changes by the SBA or other governmental authorities regarding the CARES Act, the Payroll Protection Program, or related
      administrative matters; (b) actions by Lender, including without limitation Lender&#8217;s interpretation and implementation of the Payroll Protetion Program and the rules relating to loan forgiveness thereunder; (c) the Company&#8217;s ability to comply with
      the terms of the Loan and the CARES Act, including to use the proceeds of the Loan as described herein; (d) financial market conditions; (e)&#160;concerns with or threats of, or the consequences of, pandemics, contagious diseases or health epidemics,
      including the novel coronavirus; and (f)&#160;the other risk factors disclosed in the Company&#8217;s other reports filed with the Securities Exchange Commission. The Company disclaims any intention or obligation to update publicly any forward-looking
      statements, whether in response to new information, future events or otherwise, except as required by applicable law.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div></div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
  </div>
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            <tr>
              <td valign="top" style="width: 45%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 5%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 50%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: bold;" rowspan="1">
                <div>CULP, INC.</div>
              </td>
            </tr>
            <tr>
              <td valign="top" style="width: 45%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 5%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 50%; font-weight: bold;" rowspan="1">(Registrant)</td>
            </tr>
            <tr>
              <td valign="top" style="width: 45%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 5%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 50%;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 45%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="top" style="width: 50%;">&#160;</td>
            </tr>
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              <td valign="top" align="left" style="width: 45%;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><br>
                </div>
              </td>
              <td valign="top" style="width: 5%;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><font style="font-weight: bold;">By:</font> </div>
              </td>
              <td valign="top" nowrap="nowrap" align="left" style="width: 50%;"><u><font style="font-weight: bold;">/s/ Kenneth R. Bowling</font></u></td>
            </tr>
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              <td valign="top" style="width: 45%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" align="left" style="width: 50%; font-weight: bold;">
                <div>Chief Financial Officer</div>
              </td>
            </tr>
            <tr>
              <td valign="top" style="width: 45%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="top" style="width: 50%; font-weight: bold;">
                <div>(principal financial officer)</div>
              </td>
            </tr>
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              <td valign="top" style="width: 45%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="top" style="width: 50%;">&#160;</td>
            </tr>
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              <td valign="top" style="width: 45%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 5%;" rowspan="1"><font style="font-weight: bold;">By:</font> <br>
              </td>
              <td valign="top" style="width: 50%;" rowspan="1"><u><font style="font-weight: bold;">/s/ Thomas B. Gallagher, Jr.</font></u></td>
            </tr>
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                <div>Corporate Controller</div>
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                <div>(principal accounting officer)</div>
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    <div style="text-align: justify; font-weight: bold;"><u>Dated:&#160; April 21, 2020</u></div>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
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            <td style="width: 25.00%;"><u>Exhibit Number</u></td>
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              <div><a href="a52207371ex99_1.htm">99.1</a></div>
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            <td style="width: 25%; text-align: center;"><a href="a52207371ex99_1.htm">News Release dated April 21, 2020</a></td>
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<TYPE>EX-99.1
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<FILENAME>a52207371ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Culp Expands Production of Critical Products in Support of COVID-19 Relief Efforts</b> </h1>
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          <p>HIGH POINT, N.C.--(BUSINESS WIRE)--April 21, 2020--Culp, Inc. (NYSE: CULP) today announced updates to recent measures the company has taken across several locations in its global platform in North America and Asia to increase production of
            face masks, bedding covers, and fabrics for healthcare operations and consumer health. These additional steps include: </p>
          <ul style="list-style-type: disc;">
            <li> Expanding its work with several companies to produce face masks for supply to FEMA. These non-medical grade, three-layer cotton masks are made in accordance with FDA standards and are sewn at the company&#8217;s CLASS facilities in North
              Carolina and Haiti; </li>
            <li> Producing and supplying face masks for consumers and healthcare workers through the company&#8217;s Culp Hospitality platform in Knoxville, Tennessee, (Read Window Products) and through the company&#8217;s strategic partner relationships in Vietnam,
              which are now sewing face masks instead of upholstery fabric kits for the company. These non-medical grade, three-layer cotton masks are also made in accordance with FDA standards; </li>
            <li> Producing and supplying sewn bedding covers and bedding fabrics used for hospital beds at the company&#8217;s CLASS facility in North Carolina and through the company&#8217;s Asian platform; </li>
            <li> Working to assist other companies by using certain of Culp&#8217;s lamination equipment and finishing capabilities at the company&#8217;s facilities in Stokesdale, North Carolina, and Canada for their production of critical products for the healthcare
              industry, including woven medical gowns; and </li>
            <li> Utilizing the company&#8217;s full-scale research and development team to develop fabrics and other solutions for current and future personal protection equipment (&#8220;PPE&#8221;) needs. </li>
          </ul>
          <p> Iv Culp, chief executive officer of Culp, Inc., said, &#8220;As the COVID-19 pandemic has spread across the world, I am extremely proud of our employees and strategic partners across our global platform for stepping up to assist in Culp&#8217;s relief
            efforts. We are utilizing our production and sourcing capabilities in the United States, Haiti, Canada, and Asia to supply much-needed PPE for healthcare workers and the communities we serve, and to support numerous customer requests for
            bedding covers and mattress fabrics used for hospital beds. Our mattress fabrics and upholstery fabrics divisions are working cross-functionally in these efforts and leveraging their resources to meet critical needs. Our plans are to produce at
            least one million face masks and to supply fabric and covers for tens of thousands of hospital mattresses over the next few months. The initiative to reprioritize some of our operations to produce PPE is not about profit, but rather to support
            our nation during this crisis while also keeping as many workers as possible employed. Culp associates are honored by the opportunity to pitch in and support our front-line workers, our healthcare operators, our communities, and our nation
            during this unprecedented time.&#8221; </p>
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          <p> <b>About the Company</b> </p>
          <p> <i>Culp, Inc. is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company markets a variety of fabrics to its global customer base of leading bedding
              and furniture companies, including fabrics produced at Culp&#8217;s manufacturing facilities and fabrics sourced through other suppliers. Culp has operations located in the United States, Canada, China, and Haiti.</i> </p>
          <p> <i>This release contains &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the
              Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Further, forward-looking statements are intended to
              speak only as of the date on which they are made, and we disclaim any duty to update such statements, except as required by law, to reflect any changes in management&#8217;s expectations or any change in the assumptions or circumstances on which
              such statements are based, whether due to new information, future events, or otherwise. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not
              statements of historical fact. Such statements are often but not always characterized by qualifying words such as &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; and their derivatives, and include but are not limited to
              statements about expectations for our future operations, production levels, new product launches, sales, profit margins, profitability, operating income, capital expenditures, working capital levels, income taxes, SG&amp;A or other expenses,
              pre-tax income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding potential acquisitions, future economic or industry trends, or future developments. There can be no assurance that the
              company will realize these expectations, meet its guidance, or that these beliefs will prove correct.</i> <i>Factors that could influence the matters discussed in such statements include concerns with or threats of, or the consequences of,
              pandemics, contagious diseases or health epidemics, including the novel coronavirus; financial market conditions; consumer confidence; trends in disposable income; and general economic conditions. The impact of these factors could adversely
              affect our operations and financial performance. Further information about these factors, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is
              included in Item 1A &#8220;Risk Factors&#8221; in our Form 10-K filed with the Securities and Exchange Commission on July 12, 2019 for the fiscal year ended April 28, 2019, and our subsequent periodic reports filed with the Securities and Exchange
              Commission.</i> </p>
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          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> Investor Contact: Kenneth R. Bowling <br>
            Chief Financial Officer <br>
            336-881-5630 </p>
          <p> Media Contact: Teresa A. Huffman <br>
            Senior Vice President, Human Resources <br>
            336-889-5161 </p>
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