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Article

21 Nov 2001

Author:
Ross Kerber, Boston Globe

Malden Mills and price of altruism [USA]

The continuing saga at Malden Mills Industries Inc. [textile company] is turning into a case study of whether altruism makes good business sense. Six years ago, the Lawrence textile company gained fame after owner Aaron Feuerstein kept paying thousands of idled workers after a devastating fire...Feuerstein's benevolence may also have laid the groundwork for a comeback. Citing Feuerstein's past conduct, US Senator John F. Kerry yesterday urged Jeff Immelt, chief executive of General Electric Co., Malden Mills' largest lender, to help the company avoid bankruptcy.