Pannill Knitting Co., a leading sportswear firm...

Pannill Knitting Co., a leading sportswear firm launched as a public company in a large stock offering only a year ago, said it is considering selling the company. The Martinsville, Va.-based company said it has hired Merrill Lynch & Co. to evaluate a possible buyout. The announcement follows a period of intense takeover activity in the textile industry. After going public in June, 1986, Pannill’s stock went as high as $28 a share and recently dropped to a low of $10.25.