Aaron Feuerstein Z”L, a Jew who became a national hero when he refused to lay off workers at his massive textile plant after a catastrophic fire in ’95, then spent hundreds of millions of dollars to rebuild it.
When the Malden Mills factory burned down on December 11, 1995, Feuerstein used his insurance money to rebuild it and to pay the salaries of all the unemployed workers while it was being rebuilt. Feuerstein spent millions keeping all 3,000 employees on the payroll with full benefits for ninety days. He came to prominence globally by going against common business practices, especially at a time when most companies were downsizing and moving overseas.
“I have a responsibility to the worker, both blue-collar and white-collar,” Feuerstein said. “I have an equal responsibility to the community. It would have been unconscionable to put 3,000 people on the streets and deliver a death blow to the cities of Lawrence and Methuen. Maybe on paper, our company is worth less to Wall Street, but I can tell you it’s worth more.”
This cost Feuerstein $25,000,000, his CEO position, and a November 2001 filing of chapter 11 bankruptcy. Yoel Gold, in his excellent story-telling abilities, recently shared his interview with Mr. Feuerstein & the incredible story that transpired.
