Lowe's Home Improvement Stores - NH

secondcurve · 10-17-2011, 07:16 PM

Quote:

Originally Posted by bclaker

The company that burned was Malden Mills in Methuen, Mass. The owner was Aaron Feuerstein. Click below for the story:

http://www.youtube.com/watch?v=SNL9xIiwB1E

http://en.wikipedia.org/wiki/Malden_Mills

Mr Feuerstein's plan was not successful as he ultimately drove the company into bankruptcy (not once but actually twice). I believe another outfit picked up the pieces the second time and it is operating as a smaller organization with different management, new capital, etc. Unfortunately, companies that don't cut expenses when faced with adversity often find themselves bankrupt.

Pineedles · 10-17-2011, 07:58 PM

Quote:

Originally Posted by secondcurve

Mr Feuerstein's plan was not successful as he ultimately drove the company into bankruptcy (not once but actually twice). I believe another outfit picked up the pieces the second time and it is operating as a smaller organization with different management, new capital, etc. Unfortunately, companies that don't cut expenses when faced with adversity often find themselves bankrupt.

Thank you for following up on the story secondcurve! I didn't know about the final outcome. It just supports my position even further. If Mr Feuerstein had laid off a percentage of his employees while waiting for his factory to be rebuilt, perhaps all of his former employees could be employed today and Mr. Feuerstein could have expanded and hired new employees.

Oh how I would love to continue to debate this issue further. But I won't here.

AB_Monterey · 10-17-2011, 09:08 PM

Since we're discussing Malden Mills...

Feuerstein did indeed pay his employees while they were shut down. Malden did manage to get some production up a short time later and requested employees come back to work in a role that might not have been what they had been doing prior to the fire.

Many refused and chose to stay home and get paid anyway.

So much for doing the right thing.

The Following User Says Thank You to Pineedles For This Useful Post:
secondcurve (10-18-2011)

10-17-2011, 09:08 PM	#3
AB_Monterey Senior Member Join Date: Aug 2008 Location: Alton Bay Posts: 293 Thanks: 86 Thanked 78 Times in 49 Posts	Since we're discussing Malden Mills... Feuerstein did indeed pay his employees while they were shut down. Malden did manage to get some production up a short time later and requested employees come back to work in a role that might not have been what they had been doing prior to the fire. Many refused and chose to stay home and get paid anyway. So much for doing the right thing.