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Case Studies Essay

712 words - 3 pages

Case scenario: Generous to a Fault?

In May 2006, Malden Mills signed a large contract resulting in the sale of $10 million worth of one of its most important products, Polartec synthetic fleece, to a company that was using it in jackets worn by U.S. soldiers in Afghanistan and northern Iraq. Ordinarily, this would be just another deal in the textile business, but an incident occurring a decade earlier makes it appear to
be much more—a sign of resurrection for an embattled national hero.

Tragically, in 1996, the company’s facility in Lawrence, Massachusetts, burned to the ground. Like most textile firms in the United States, Malden Mills had suffered through hard times for years, so ...view middle of the document...

S. market, the company struggled once again to stay afloat. Late in 2001, after another dismal year, lenders forced the company into Chapter 11 bankruptcy. This time, the company was $180,000,000 in debt, partly because of Mr. Feuerstein’s generosity to employees and partly because of losses from operations. Again, almost everyone expected Mr. Feuerstein, who then was 77 years old, to give up. But once more, he surprised the world: Instead of surrendering, he hired a consultant skilled at rescuing sinking companies and redoubled his efforts to save Malden Mills. This time, he faced the daunting task of raising $92 million to prevent creditors from seizing the company and, in all probability, selling off its assets.

In the face of these enormous difficulties, Feuerstein stood his ground, and his employees pitched in to help. They agreed to work for lower wages and they gave up overtime pay. This was a big concession, which when taken along with Feuerstein’s efforts helped to save the company. Every day he got on the phone, seeking to raise the needed money. As he put it: “I’ve got vultures on every side . ....

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