Exhibit 15.1
INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors and Shareholders of Forstmann & Company, Inc.
(Debtor-in-Possession):


We have  reviewed  the  accompanying  condensed  consolidated  balance  sheet of
Forstmann & Company, Inc. and subsidiary  (Debtor-in-Possession) (the "Company")
as of  August 1,  1999 and the  related  condensed  consolidated  statements  of
operations  for the  thirteen  and  thirty-nine  weeks ended  August 1, 1999 and
August 2, 1998 and cash flows for the thirty-nine weeks ended August 1, 1999 and
August  2,  1998  and  the  condensed   consolidated  statement  of  changes  in
shareholders'  equity for the  thirty-nine  weeks  ended  August 1, 1999.  These
financial statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to such condensed  consolidated  financial  statements for them to be in
conformity with generally accepted accounting principles.

The accompanying  condensed consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note
1 to the consolidated  financial statements contained in the 1998 Form 10-K (not
presented  herein)  and in  Note 2 to  these  condensed  consolidated  financial
statements,  the Company exhausted the availability under its loan facility, has
experienced  a  significant  decline  in  operating  results  and have filed for
reorganization  under  Chapter 11 of the United  States  Bankruptcy  Code.  Such
conditions  raise  substantial  doubt  about its  ability to continue as a going
concern.  Management's  plans in regard to these  matters are also  described in
Note 1 to the consolidated  financial statements contained in the 1998 Form 10-K
and Note 2 to these condensed consolidated financial statements.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the consolidated balance sheet of the Company as of November 1, 1998
and the related consolidated statements of operations, shareholders' equity, and
cash  flows  for the  period  from  November  3, 1997 to  November  1, 1998 (not
presented  herein);  and in our report dated  February 8, 1999,  we expressed an
unqualified opinion on those consolidated  financial  statements and included an
explanatory  paragraph concerning matters that raise substantial doubt about the
Company's  ability  to  continue  as  a  going  concern.  In  our  opinion,  the
information set forth in the accompanying  condensed  consolidated balance sheet
as of November 1, 1998 is fairly stated, in all material  respects,  in relation
to the consolidated balance sheet from which it has been derived.


Deloitte & Touche LLP
Atlanta, Georgia
September 3, 1999