Abstract: A circular knitting machine for producing a tubular knitted article having a closed end. The apparatus includes a circular knitting element for forming the tubular knitted article and a closure assembly located downstream of the circular knitting element for forming the closed end. An accumulator assembly is located between the circular knitting element and the closure assembly to provide tension to the tubular knitted article when the closure assembly is closed, thereby permitting the circular knitting element to continuously form the tubular knitted article during the operation of the closure assembly. Also, in the preferred embodiment, a cutting assembly is located between the accumulator assembly and the closure assembly, the cutting assembly being selectively operable to cut the tubular knitted article during the operation of the closure assembly.