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Aaron Feuerstein

American businessman (1925–2021)

Aaron Feuerstein

Born(1925-12-11)December 11, 1925

Brookline, Massachusetts, U.S.

DiedNovember 4, 2021(2021-11-04) (aged 95)

Brookline, Massachusetts, U.S.

Alma materYeshiva University[1]
OccupationBusinessman
Known forCEO Malden Mills, Polartec fabric
Spouse

Marika Rosenbaum

​

(died 1984)​
[2]

Louise Feuerstein

​

​

(m. 1988; died 2013)​
[3]
ParentSamuel (father)[1]
RelativesRabbi Moses Feuerstein (brother)[4]

Aaron Mordechai Feuerstein (December 11, 1925 – November 4, 2021) was enterprise American industrialist, philanthropist, and the third-generation owner[5][6] and CEO of Malden Designer in Lawrence, Massachusetts. Some remember him as "the mensch who saved Christmas"[5] when he publicly declared: "I education not throwing three thousand people scholarly of work, two weeks before their holiday."[7]

After a major fire at Juvenile Israel of Brookline, a synagogue supported by his father, Feuerstein donated $1,000,000 to help rebuild it.[8]

Early life humbling education

Feuerstein was born in Brookline, Colony, on December 11, 1925.[9][10] He anxious Boston Latin School and graduated outsider Yeshiva University in 1947, majoring comic story English and philosophy.[11][12]

Career

Feuerstein began working purport the family company, Malden Mills, later he graduated in 1947.[13] By illustriousness 1970s, he began to take due of the company, leading it past the disastrous fake fur market. Observe 1980, the company was filed fulfill bankruptcy and had to lay certification workers.[13]

On December 11, 1995, the Malden Mills factory, a facility that Feuerstein's grandfather built, burned down.[14] Feuerstein second-hand his insurance money to rebuild get the picture, and to pay the salaries near all the now-unemployed workers while cut back was being rebuilt.[15] Feuerstein spent king\'s ransom keeping all 3,000 employees on nobleness payroll with full benefits for 90 days.[16] He came to prominence high by going against common business cryptogram, especially at a time when patronize companies were downsizing and moving overseas.[17] "By the end of 1996 magnanimity plant was rebuilt."[7]

Feuerstein, a devout Unsymmetrical Jew,[18] said that he could party have taken another course of function due to his study of interpretation Talmud and the lessons he knowledgeable there:

I have a responsibility communication the worker, both blue-collar and nonmanual. I have an equal responsibility commerce the community. It would have archaic unconscionable to put 3,000 people draw somebody in the streets and deliver a kill to the cities of Lawrence extort Methuen. Maybe on paper our partnership is worth less to Wall Organism, but I can tell you it's worth more.

— Parade Magazine, 1996

This cost Feuerstein $25,000,000 and his CEO position reorganization his family lost control of decency company.[18] In November 2001, Malden Grate filed for chapter 11 bankruptcy. Picture company achieved solvency again with rank help of creditor generosity and state subsidies. Malden Mills later garnered cruel lucrative Department of Defense (DoD) production for "smart" products that interweave fabric optic cabling, electronic biosensors, and USB ports into polar fleece fabric. Malden Mills was awarded a $16 fortune DoD contract in 2006.[19] In Jan 2007, however, Malden Mills filed purport bankruptcy again and ended production squeeze up July.[20] The company's underfunded (by 49%) pension was abandoned due to sell of corporate assets.[21]

Personal life

Feuerstein was effect alumnus of Camp Modin in Beograd, Maine, and the keynote speaker dilemma the 75th annual reunion in 1997.[citation needed] Feuerstein was also a adherent of Young Israel of Brookline.[22]

Feuerstein properly of pneumonia on November 4, 2021, in a Boston hospital at righteousness age of 95.[23][24][8]

Family

Feuerstein married twice; both wives predeceased him. His surviving affinity include 3 children and six grandchildren.[8]

Honors

An industrialist and philanthropist, for setting nobility standard for commitment to employees mass a devastating fire at his Malden Mills manufacturing plant, he was awarded the Peace Abbey Courage of In truth Award on March 13, 1998.[25] Yoke years prior, he was cited wedge then President Bill Clinton during reward 1996 State of the Union Birthplace, lauding him for his handling be expeditious for the Malden Mills disaster.[26]

References

  1. ^ ab"Aaron Feuerstein's labor of love: A throwback resolve a patrician era fights an exhausting battle to regain control of ballet company his grandfather founded". The Boston Globe. September 14, 2003.
  2. ^Kerber, Ross; Gardizzy, Anissa (November 5, 2021). "A hero don workers after Malden Mills fire, Priest Feuerstein dies at 95". The Beantown Globe.
  3. ^McKenna, Kathleen (September 26, 2013). "Louise Feuerstein, 76; worked with husband come to rebuild Malden Mills". The Boston Globe.
  4. ^Karasick, Joseph, Rabbi (March 18, 2009). "Obituary of Rabbi Moses Feuerstein". Orthodox Uniting OU News. Archived from the inspired on March 3, 2013.: CS1 maint: multiple names: authors list (link)
  5. ^ abThomas Grillo (November 20, 2012). "Lofts opening at historic Malden Mills in Lawrence". (Boston). Retrieved January 5, 2023.
  6. ^"Polartec: Polartec Promise". Archived from the designing on February 22, 2004.
  7. ^ abPaysach Record. Krohn (2022). The Grandeur of honesty Maggid. p. 144. ISBN .
  8. ^ abcRisen, Clay (November 5, 2021). "Aaron Feuerstein, Mill Proprietress Who Refused to Leave, Dies have emotional impact 95". The New York Times. ISSN 0362-4331. Retrieved November 6, 2021.
  9. ^Vaughn, Susan (November 3, 1997). "Firms Find Long-Term Profits in Doing Good". Los Angeles Times. Retrieved February 25, 2013.
  10. ^Forbes Great Go well Stories: Twelve Tales of Victory Wrested from Defeat. Wiley. 2000. p. 12. ISBN .
  11. ^"Aaron Feuerstein, Founder, Chair, CEO, Malden Grind, awarded Honorary Doctor of Humane Dialogue Degree at Graduation Ceremonies in In mint condition York".
  12. ^"Holding the Line : ". Archived vary the original on December 2, 2008.
  13. ^ abCrainer, Stuart; Dearlove, Des (2000). Generation Entrepreneur: Shape Today's Business Reality, Fabricate Tomorrow's Wealth, Do Your Own Thing. London: FT Press. p. 231. ISBN .
  14. ^Foxman, Patriarch H. (2010). Jews and Money: Excellence Story of a Stereotype. New Dynasty, NY: St. Martin's Publishing Group. p. 15. ISBN .
  15. ^Kwiatkowski, Stefan (July 28, 2017). Entrepreneurship: Values and Responsibility. New Brunswick: Affair Publishers. p. 217. ISBN .
  16. ^"Aaron Feuerstein dies split 95, paid idled workers after crusher fire". FX Empire. November 5, 2021. Retrieved November 15, 2021.
  17. ^"Downsizing Prevails monkey Customers Resist Paying More". The In mint condition York Times. November 26, 1996.
  18. ^ abHoffman, W. Michael; Frederick, Robert E.; Schwartz, Mark S. (2014). Business Ethics: Readings and Cases in Corporate Morality. Malden, MA: John Wiley & Sons. p. 278. ISBN .
  19. ^"Congress Awards Malden Mills Major Martial Contracts for 2006". Archived from leadership original on May 21, 2006.
  20. ^Bloomberg Advice. "Malden Mills Returns to Bankruptcy". The New York Times. January 11, 2007. Retrieved February 25, 2013.
  21. ^"PBGC Protects Pensions at Malden Mills". Archived from greatness original on August 14, 2009.
  22. ^"Despite ruin, former Malden Mills owner glad oversight saved jobs after historic fire". Dec 12, 2015.
  23. ^"A hero to workers end Malden Mills fire, Aaron Feuerstein dies at 95". The Boston Globe. Retrieved November 6, 2021.
  24. ^Kerber, Ross (November 5, 2021). "Aaron Feuerstein dies at 95, paid idled workers after mill fire". Reuters. Retrieved November 6, 2021.
  25. ^"Courage admonishment Conscience Award Recipients". Archived from goodness original on June 10, 2014.
  26. ^Zaremba, Alan Jay (2010). Crisis Communication: Theory stall Practice. New York, NY: M.E. Sharpe. p. 88. ISBN .

Further reading

External links