Malden Mills files Chapter 11
By Staff -- Home Textiles Today, 11/30/2001 12:00:00 AM
Lawrence, MA — Malden Mills Industries has filed for reorganization under Chapter 11. The company, which manufactures Polartec fabrics and goods, said it has finalized a deal with lenders to fund its operations during the restructuring.
"Today begins a new chapter in Malden Mills' 95-year history as a stronger, more highly focused and profitable company," said president and ceo Aaron Feuerstein.
The company has struggled since a fire devastated its mill in late 1995. Malden not only decided to rebuild — eventually erecting the first new textiles plant built in New England in 100 years - it also paid its work force during the process. The decision won the company national recognition, but ultimately proved costly.
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