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Malden Mills
Malden Mills Industries is the original developer and manufacturer of Polartec polar fleece and manufactures other modern textiles. The company is located in Andover, Massachusetts and has operations in Hudson, New Hampshire.
Malden Mills was founded in 1906 by Henry Feuerstein and operated for three generations under the Feuerstein Family. Malden Mills started off with specialization in lightweight fabrics and wool clothing.
On December 11, 1995, a dust explosion in one of the hoppers used to produce Polartec destroyed three of the factory's buildings, causing 40% damage to the whole plant. The fire happened during the company’s off season leading to minimized losses, though at the time it was the largest property damage fire loss in the history of Massachusetts. Initially thought to have started in a boiler, subsequent investigation found it was likely started in a hopper on the "flock" line, where nylon fibers are oriented in a 50,000 volt electric field while applied to adhesive on a backing fabric. Fibers occasionally ignited passing through this field, and despite automatic fire suppression methods, a previous explosion occurred in 1993 seriously burning several workers.
Lawrence, Massachusetts was already experiencing a downward economy due to many other companies leaving to find cheaper labor elsewhere and many residents were worried about the loss of another factory. The fire injured 36 people and placed 2700 jobs at risk. The fire was later ruled an “industrial accident.”
CEO Aaron Feuerstein made the decision overnight to quickly rebuild. He extended the pay and benefits of his employees while the factory was being rebuilt. Rebuilding was completed on September 14, 1997, leaving 70 employees still displaced. Though ultimately Feuerstein's choices may have led to the insolvency of the company and the loss of nearly all of the jobs that Feuerstein was trying to preserve, he received praise for his choice to de-prioritize the profitability of his company.
In November 2001, Malden Mills declared bankruptcy after the recession at the beginning of the new year left the company unable to pay creditors—related to its rebuilding and payroll commitments. The company achieved solvency because of the generosity of its creditors, as well as government subsidies. Feuerstein was relieved of actual control of the company by its creditors.
In January 2007, current CEO Michael Spillane announced that Malden Mills would file for bankruptcy again and would be sold to the Gordon Brothers Group of Boston.
However, in February 2007, the assets of Malden Mills were purchased by a newly formed company called Polartec, LLC which is owned by Chrysalis Capital Partners of Philadelphia, Pennsylvania.
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Malden Mills
Malden Mills Industries is the original developer and manufacturer of Polartec polar fleece and manufactures other modern textiles. The company is located in Andover, Massachusetts and has operations in Hudson, New Hampshire.
Malden Mills was founded in 1906 by Henry Feuerstein and operated for three generations under the Feuerstein Family. Malden Mills started off with specialization in lightweight fabrics and wool clothing.
On December 11, 1995, a dust explosion in one of the hoppers used to produce Polartec destroyed three of the factory's buildings, causing 40% damage to the whole plant. The fire happened during the company’s off season leading to minimized losses, though at the time it was the largest property damage fire loss in the history of Massachusetts. Initially thought to have started in a boiler, subsequent investigation found it was likely started in a hopper on the "flock" line, where nylon fibers are oriented in a 50,000 volt electric field while applied to adhesive on a backing fabric. Fibers occasionally ignited passing through this field, and despite automatic fire suppression methods, a previous explosion occurred in 1993 seriously burning several workers.
Lawrence, Massachusetts was already experiencing a downward economy due to many other companies leaving to find cheaper labor elsewhere and many residents were worried about the loss of another factory. The fire injured 36 people and placed 2700 jobs at risk. The fire was later ruled an “industrial accident.”
CEO Aaron Feuerstein made the decision overnight to quickly rebuild. He extended the pay and benefits of his employees while the factory was being rebuilt. Rebuilding was completed on September 14, 1997, leaving 70 employees still displaced. Though ultimately Feuerstein's choices may have led to the insolvency of the company and the loss of nearly all of the jobs that Feuerstein was trying to preserve, he received praise for his choice to de-prioritize the profitability of his company.
In November 2001, Malden Mills declared bankruptcy after the recession at the beginning of the new year left the company unable to pay creditors—related to its rebuilding and payroll commitments. The company achieved solvency because of the generosity of its creditors, as well as government subsidies. Feuerstein was relieved of actual control of the company by its creditors.
In January 2007, current CEO Michael Spillane announced that Malden Mills would file for bankruptcy again and would be sold to the Gordon Brothers Group of Boston.
However, in February 2007, the assets of Malden Mills were purchased by a newly formed company called Polartec, LLC which is owned by Chrysalis Capital Partners of Philadelphia, Pennsylvania.