<Page>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  FORM 10-K/A

                               (AMENDMENT NO. 2)

<Table>
<S> <C>
/X/  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

    For the fiscal year ended December 29, 2001

                         OR

/ /   TRANSITION REPORT PURSUANT TO SECTION 13 OR
                      15(d) OF THE
            SECURITIES EXCHANGE ACT OF 1934
</Table>

        For the transition period from ______________ to ______________

                         COMMISSION FILE NUMBER 1-14330

                              POLYMER GROUP, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<Table>
<S>                                            <C>
                  DELAWARE                                      57-1003983
       (STATE OR OTHER JURISDICTION OF                       (I.R.S. EMPLOYER
       INCORPORATION OR ORGANIZATION)                       IDENTIFICATION NO.)

             4838 JENKINS AVENUE                                   29405
      NORTH CHARLESTON, SOUTH CAROLINA                          (ZIP CODE)
  (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
</Table>

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (843) 566-7293

          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

<Table>
<Caption>
                                        NAME OF EACH EXCHANGE ON
    TITLE OF EACH CLASS OF STOCK:          WHICH REGISTERED:
--------------------------------------  ------------------------
<S>                                     <C>
Common Stock, par value $.01 per share  New York Stock Exchange
</Table>

        SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

    Indicate by check mark whether registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the last 90 days. Yes /X/ No / /

    Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. / /

    The aggregate market value of the Company's voting stock held by
nonaffiliates as of April 5, 2002 was approximately $10.7 million. As of
April 5, 2002, there were 32,004,200 shares of common stock, par value $.01 per
share outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

    None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

<Page>

                                EXPLANATORY NOTE

          This Annual Report on Form 10-K/A (Amendment No. 2) for the fiscal
year ended December 29, 2001 is filed for the purposes of (i) amending Item 11
of Part III to add the table "Option Grants in Last Fiscal Year" and the table
"Aggregate Option Exercises in Last Fiscal Year and Year-End Option Values" and
(ii) adding Exhibit 10.12 and restating the Exhibit Index.

<Page>

                                    PART III

ITEM 11. EXECUTIVE COMPENSATION

     The following tables are added to the discussion set forth in the Company's
Report on Form 10-K/A (Amendment No. 1) filed on April 30, 2002.

     The following tables disclose, for the Named Executives, information
regarding stock options granted or exercised during, or held at the end of,
2001.

Option Grant Table

                        Option Grants in Last Fiscal Year

<Table>
<Caption>
                                                                  Potential Realizable Value
                                  %of Total                        at Assumed Annual Rates
                                   Options                        of Stock Price Appreciation
                         Options  Granted to  Exercise                  for Option Term
                         Granted Employees in  Price   Expiration ---------------------------
Name                       (#)   Fiscal Year   ($/Sh)   Date (2)    5%($)(1)     10%($)(1)
----                     ------- ------------ -------- ---------- ---------------------------
<S>                      <C>         <C>       <C>      <C>       <C>          <C>
Jerry Zucker............  50,000      7.6%      $2.75    6/6/11    $    86,488  $     219,175
Jerry Zucker............ 260,000     27.7        1.88   9/24/11        307,455        779,147
James G. Boyd...........  50,000      7.6        2.75    6/6/11         86,488        219,175
James G. Boyd........... 135,000     14.4        1.88   9/24/11        159,640        404,557
James L. Schaeffer......  25,600      6.7        1.54    5/3/11         24,798         62,842
James L. Schaeffer......  24,400      3.7        2.75    6/6/11         42,206        106,957
James L. Schaeffer......  81,444      8.7        1.88   9/24/11         96,309        244,065
Thomas E. Phillips......  25,600      6.7        1.54    5/3/11         24,798         62,842
Thomas E. Phillips......  24,400      3.7        2.75    6/6/11         42,206        106,957
Thomas E. Phillips......  74,444      7.9        1.88   9/24/11         88,032        223,088
Rolf J. Altdorf.........  12,800      3.4        1.54    5/3/11         12,399         31,421
Rolf J. Altdorf.........  12,200      1.8        2.75    6/6/11         21,103         53,479
Rolf J. Altdorf.........  20,000      2.1        1.88   9/24/11         23,650         59,934
</Table>

----------

(1)  Amounts reflect certain assumed rates of appreciation set forth in the
     SEC's executive compensation disclosure rules. Actual gains, if any, on
     stock option exercises depend on future performance of the Common Stock and
     overall stock market conditions. No assurance can be made that the amounts
     reflected in these columns will be achieved.

(2)  The options granted during 2001 were 25% vested at the time of grant and
     will vest equally in 25% increments over the next 3 years. The options
     granted during 2001 expire 10 years from the date of grant.

Option Exercises and Year-End Option Value Table

   Aggregated Option Exercises in Last Fiscal Year and Year-End Option Values

<Table>
<Caption>
                                                                          Value of Unexercised
                                                Number of Unexercised     In-the-Money Options
                           Shares     Value     Options at FY-End (#)           at FY-End
                         Acquired on Realized ------------------------- -------------------------
     Name                Exercise(1)  ($)(1)  Unexercisable Exercisable Unexercisable Exercisable
     ----                ----------- -------- ------------- ----------- ------------- -----------
<S>                         <C>       <C>        <C>           <C>          <C>          <C>
Jerry Zucker............     --        --        232,500       77,500        $ 0          $ 0
James G. Boyd...........     --        --        138,750       46,250          0            0
James L. Schaeffer......     --        --         98,583       32,861          0            0
Thomas E. Phillips......     --        --         93,333       31,111          0            0
Rolf J. Altdorf.........     --        --         33,750       11,250          0            0
</Table>

----------

(1)  None of the options granted to the Named Executives has been exercised.

<Page>
                                   SIGNATURES

    PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON
ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.

<Table>
<S>                                                    <C>  <C>
                                                       POLYMER GROUP, INC.

                                                       By:               /s/ JERRY ZUCKER
                                                            -----------------------------------------
                                                                           Jerry Zucker
                                                                     CHAIRMAN, PRESIDENT AND
                                                                     CHIEF EXECUTIVE OFFICER
</Table>

    PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS
ON BEHALF OF THE REGISTRANT IN THE CAPACITIES INDICATED ON MAY 1, 2002.

<Table>
<Caption>
                      SIGNATURE                                            TITLE
                      ---------                                            -----
<C>                                                    <S>
                  /s/ JERRY ZUCKER
     -------------------------------------------       Chairman, Chief Executive Officer, President
                    Jerry Zucker                         and Director (principal executive officer)

                                                       Executive Vice President, Chief Financial
                  /s/ JAMES G. BOYD                      Officer, Treasurer and Director (principal
     -------------------------------------------         financial officer and principal accounting
                    James G. Boyd                        officer)

                 /s/ BRUCE V. RAUNER
     -------------------------------------------       Director
                   Bruce V. Rauner

                /s/ DAVID A. DONNINI
     -------------------------------------------       Director
                  David A. Donnini

                /s/ L. GLENN ORR, JR.
     -------------------------------------------       Director
                  L. Glenn Orr, Jr.

             /s/ DUNCAN M. O'BRIEN, JR.
     -------------------------------------------       Director
               Duncan M. O'Brien, Jr.
</Table>

<Page>

                                  EXHIBIT INDEX

Exhibit
Number                           Document Description
--------------------------------------------------------------------------------

2.1  Agreement dated October 27, 1997, among Polymer Group, Inc., Galey & Lord,
     Inc. and DT Acquisition Inc.(1)

2.2  Letter Agreement, dated October 27, 1997, among Polymer Group, Inc., Galey
     & Lord, Inc. and DT Acquisition Inc.(2)

2.3  Operating Agreement, dated December 19, 1997, among Polymer Group, Inc.,
     Galey & Lord, Inc. and DT Acquisition Inc.(1)

2.4  DT Acquisition Inc. Offers to Purchase Statement for all outstanding Common
     Shares and all outstanding First Preferred Shares of Dominion Textile Inc.,
     dated October 29, 1997.(2)

2.5  Notice of Extension and Variation by DT Acquisition Inc. in respect of its
     Offers to Purchase, dated November 18, 1997.(2)

2.6  Notice of Extension by DT Acquisition Inc. in respect of its Offers to
     Purchase, dated December 2, 1997.(2)

2.7  Notice of Extension and Variation by DT Acquisition Inc. in respect of its
     Offers to Purchase, dated December 8, 1997.(2)

2.8  Notice of Extension by DT Acquisition Inc. in respect of its Offers to
     Purchase, dated December 17, 1997.(2)

2.9  Letter Agreement between DT Acquisition Inc., PGI and DTI dated November
     16, 1997.(2)

2.10 Notice of Redemption pursuant to the provisions of Section 206 of the
     Canada Business Corporations Act in regard to holders of Common Shares of
     Dominion Textile Inc., dated December 30, 1997.(2)

2.11 Notice of Redemption pursuant to the provisions of Section 206 of the
     Canada Business Corporations Act in regard to holders of First Preferred
     Shares of Dominion Textile Inc., dated December 30, 1997.(2)

2.12 Notice of Redemption in regard to holders of Second Preferred Shares,
     Series D of Dominion Textile Inc., dated December 23, 1997.(2)

2.13 Notice of Redemption in regard to holders of Second Preferred Shares,
     Series E of Dominion Textile Inc., dated December 23, 1997.(2)

2.14 Indenture, winding up Dominion Textile Inc. pursuant to the Canada Business
     Corporations Act, dated January 29, 1998.(2)

2.15 Master Separation Agreement, among Polymer Group, Inc., Galey & Lord, Inc.
     and DT Acquisition Inc., dated January 29, 1998.(3)*

3.1(i) Form of Amended and Restated Certificate of Incorporation of the
     Company.(4)

3.1(ii) Certificate of Designation of the Company.(7)

3.2  Amended and Restated By-laws of the Company.(4)

<Page>

4.1  Indenture dated as of July 1, 1997 among the Company, the Guarantors and
     Harris Trust and Savings Bank, as trustee.(7)

4.2  Forms of Series A and Series B 9% Senior Subordinated Notes due 2007.(5)

4.3  Form of Guarantee.(5)

4.4  Registration Rights Agreement dated as of July 3, 1997 among the Company,
     the Guarantors and Chase Securities Inc.(7)

4.5  Indenture, dated as of March 1, 1998 among Polymer Group, Inc., the
     Guarantors named therein and Harris Trust and Savings Bank, as trustee.(5)

4.6  Forms of Series A and Series B 8-3/4% Senior Subordinated Notes due
     2008.(5)

4.7  Form of Guarantee.(5)

4.8  Registration Rights Agreement dated as of March 5, 1998, among Polymer
     Group, Inc., the Guarantors named therein and Chase Securities Inc.(6)

4.9  Amended and Restated Credit Agreement dated July 3, 1997 by and among the
     Company, the Guarantors named therein, the lenders named therein and The
     Chase Manhattan Bank, as agent.(7)

     The Registrant will furnish to the Commission, upon request, each
     instrument defining the rights of holders of long-term debt of the
     Registrant and its subsidiaries where the amount of such debt does not
     exceed 10 percent of the total assets of the Registrant and its
     subsidiaries on a consolidated basis.

4.10 First Supplemental Indenture, dated October 27, 1997, between Polymer Group
     Inc., Harris Trust and Savings Bank and Loretex Corporation.(2)

4.11 Second Supplemental Indenture dated January 29, 1998, to indenture dated
     June 30, 1997, among Polymer Group, Inc., Dominion Textile (USA) Inc., with
     respect to the 9% Senior Subordinated Notes due 2008.(2)

10.1 Purchase Agreement, dated February 27, 1998, by and among Polymer Group,
     Inc., the Guarantors named herein and Chase Securities Inc., as Initial
     Purchaser, with respect to the 8-3/4% Senior Subordinated Notes due
     2008.(6)

10.2 Amendment No. 2, dated January 29, 1998, to the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     The Chase Manhattan Bank, as agent.(6)

10.3 Amendment No. 3, dated April 9, 1999, to the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     the Chase Manhattan Bank, as agent.(9)

10.5 Amendment No. 4, dated March 30, 2000, the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     the Chase Manhattan Bank, as agent.(11)

10.6 Amendment No. 5, dated August 10, 2000, the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     the Chase Manhattan Bank, as agent.(12)

10.7 Amendment No. 6, dated April 11, 2001, the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     the Chase Manhattan Bank,

<Page>

     as agent.(13)

10.8 Form of Supplemental Indenture, dated as of April 12, 2001, by and among
     the New Subsidiary Guarantor named therein, a wholly-owned subsidiary of
     the Company, and Harris Trust and Savings Bank pursuant to the Indenture
     dated as of July 1, 1997, among the Company, the Guarantors and Harris
     Trust and Savings Bank, as trustee.(14)

10.9 Form of Supplemental Indenture, dated as of April 12, 2001, by and among
     the New Subsidiary Guarantor named therein, a wholly-owned subsidiary of
     the Company, and Harris Trust and Savings Bank pursuant to the Indenture
     dated as of March 5, 1998, among the Company, the Guarantors and Harris
     Trust and Savings Bank, as trustee.(14)

10.10 Form of Subsidiary Guarantee, dated as of April 12, 2001, by the
     subsidiary guarantor named therein, a wholly-owned subsidiary of the
     Company, pursuant to the Indenture dated as of July 1, 1997, among the
     Company, the Guarantors and Harris Trust and Savings Bank, as trustee.(14)

10.11 Form of Subsidiary Guarantee dated as of April 12, 2001, by the subsidiary
     guarantor named therein, a wholly-owned subsidiary of the Company, pursuant
     to the Indenture dated as of March 5, 1998, among the Company, the
     Guarantors and Harris Trust and Savings Bank, as trustee.(14)

10.12 Amendment No. 7, dated as of April 4, 2002, to the Amended, Restated and
     Consolidated Credit Agreement dated July 3, 1997 by and among Polymer
     Group, Inc., the Guarantors named therein, the lenders named therein and
     the JPMorgan Chase Bank, as agent.

21   Subsidiaries of the Company. (19)

23   Consent of Ernst & Young LLP. (19)

99.1 Press release dated December 31, 2001.(15)

99.2 Press release dated December 31, 2001.(16)

99.3 Press release dated January 31, 2002.(17)

99.4 Press release dated February 1, 2002.(17)

99.5 Press release dated March 26, 2002.(18)

99.6 Press release dated March 27, 2002.(18)

99.7 Press release dated March 27, 2002.(18)

99.8 Press release dated April 3, 2002.(19)

------
*    Certain portions of the Agreement have been omitted and filed separately
     with the Commission pursuant to an Application for Confidential Treatment.

(1)  Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated February 13, 1998.

(2)  Incorporated by reference to the respective exhibit to the Company's Form
     10-K, dated April 3, 1998, for the fiscal year ended January 3, 1998.

(3)  Incorporated by reference to the respective exhibit to the Company's Form
     8-K/A, dated April 14, 1998.

(4)  Incorporated by reference to the respective exhibit to the Company's
     Registration Statement on Form S-1 (Reg. No. 333-2424).

<Page>

(5)  Incorporated by reference to the respective exhibit to the Company's
     Registration Statement on Form S-4 (Reg. No. 333-55863).

(6)  Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated May 19, 1998, for the fiscal quarter ended April 4, 1998.

(7)  Incorporated by reference to the respective exhibits to the Company's
     Registration Statement on Form S-4 (Reg. No. 333-32605).

(8)  Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated November 14, 2000 for the fiscal quarter ended September 30,
     2000.

(9)  Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated August 17, 1999 for the fiscal quarter ended July 3, 1999.

(10) Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated May 15, 2000 for the fiscal quarter ended April 1, 2000.

(11) Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated August 14, 2000 for the fiscal quarter ended July 1, 2000.

(12) Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated November 14, 2000 for the fiscal quarter ended September 30,
     2000.

(13) Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated April 16, 2001.

(14) Incorporated by reference to the respective exhibit to the Company's Form
     10-Q, dated August 14, 2001, for the fiscal quarter ended June 30, 2001.

(15) Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated December 31, 2001.

(16) Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated January 4, 2002.

(17) Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated February 5, 2002.

(18) Incorporated by reference to the respective exhibit to the Company's Form
     8-K, dated March 28, 2002.

(19) Incorporated by reference to the respective exhibit to the Company's Form
     10-K, dated April 12, 2002, for the fiscal year ended December 29, 2001.