To remain competitive both textile and apparel companies have been moving operations off shore and closing plants for 30 years. The textile/apparel industries have been the sacrifical lambs to US foreign policy objectives. We give a little to Pakistan, a little more to Mexico, a little to Indonesia or Korea, Singapore and Japan to secure a foreign policy goal or prop up an ailing economy. It is not going to change.
What will survive are the specialty product manufacturers. The commodity producers like VF are no longer domestic manufacturers, but mass marketing operations. And like the farmers of old who were displaced by machinery/technology advances, the textile/apparel worker has been and is being displaced. Look ahead and learn new skills.
It is especially tough if you are over 50. But you have another 25 to 30 productive years ahead. Don't feel sorry for yourself or angry with management. They are only trying to survive. (Yes, Mackey seems to have lined his pockets well. I can only say others have done worse.)For every negative, an opportunity is created. Seize it and move on.
I was downsized a couple times on the 80'sand am now in my sixties. Have my own small consulting business. Good luck to you and may the wind always be at your back.