August 26, 2003 |
The chief executive of Malden Mills Industries Inc., maker of Polartec fleece, suffered a setback in his attempt to regain control of the company when the U.S. Export-Import Bank declined part of his request for a $35-million loan guarantee. The bank, a lender of last resort, approved a preliminary loan guarantee of only $20 million for Malden Mills, which is working to emerge from bankruptcy protection.
November 3, 1997 |
On the evening of Dec. 11, 1995, while returning home from his surprise birthday party, 70-year-old Aaron Feuerstein received horrible news: A fire had just swept through his Lawrence, Mass., factory, destroying three buildings. For other companies, such a tragedy could have resulted in a work shutdown, relocation to cheaper turf and massive layoffs. But the president and chief executive of Malden Mills, which employed 2,600 people, had other plans.
August 4, 2003 |
With their backs to the wall, few chief executives get much sympathy these days. Aaron Feuerstein gets checks in the mail from strangers. The unsolicited contributions started eight years ago, after the CEO became a hero for refusing to lay off workers after a fire devastated his Malden Mills Industries Inc. textile plant. Now, Feuerstein is fighting to keep control of his company, and the pace of the donations has quickened. "The checks come in every single day," the 77-year-old said.
February 6, 1996 |
Arctic cold spread misery in the South on Monday, shattering low-temperature records that had stood for more than a century, imperiling Florida oranges, bursting pipes in New Orleans and freezing fishing boats to their moorings in North Carolina. Temperatures dropped into the single digits as far south as Huntsville, Ala., at 4 degrees; Chattanooga, Tenn., at 2; and Meridian, Miss., at 8. Thousands of people still had no electricity after weekend ice storms snapped power lines.
December 23, 1995 |
Malden Mills resumed partial production Friday, less than two weeks after an explosion and fire leveled much of the textile factory. About 300 of the company's 2,500 employees went back to work finishing and dyeing the fleecy Polartec fabric used in clothing sold by retailers such as L.L. Bean, Patagonia and Eddie Bauer. They worked in a building that was almost untouched by the Dec. 11 fire. The fire injured 33 people and destroyed three of the complex's nine buildings.
February 7, 1996 |
Labor Secretary Robert Reich proposed Tuesday that companies be rewarded with lower taxes or no tax bill at all in return for sharing more of their profits with workers, providing good health and pension benefits and helping retrain those who get laid off. In a speech at the George Washington University Business School, Reich called for a "new era of corporate citizenship," with companies focusing less single-mindedly on profits and more on the general welfare of their workers and communities.