Malden Mills, a textile mill in Lawrence, Massachusetts, was destroyed by fire on December 11, 1995. Malden Mills was a family owned business run by the grandson of the founder, Aaron Fuerstein. The mill was the manufacturer of Polartec fabric, a high quality fabric well known for its use in outdoor apparel and sold by popular companies. Malden Mills employed over 2,400 employees and was the last major textile manufacturer in town and contributed around $100 million dollars a year into the local economy. The fire was a huge blow for the mill, the many businesses it supplied, and for the workers that made their living at the mill. Aaron Fuerstein faced some very difficult decisions after the fire destroyed Malden Mills.
Aaron Fuerstein decided …show more content…
Did he allow himself enough time to really think about what he was doing, or was he lead by his emotions? He felt an obligation to the community, and to all the workers he employed, but there were others involved with his decision, such as his family. Did he listen to his family’s suggestions or was he so driven to try to make everything as good as he could for everyone led by the type of person he was.
The second ethical issue after he decided he was going to rebuild the mill was the decision he made to buy everything new. Maybe he should have waited until the insurance company was ready to settle for him to make that decision, and if he had he could have looked into buying used equipment.
The key characters were Aaron Feuerstein, his board of directors, the community, and all the workers of the mill. Aaron Feuerstein’s sons were not immediately included in the story because they wanted their father to rebuild on a smaller scale, and perhaps purchase used equipment. He chose to ignore them and wanted everything bigger and better than before with all new …show more content…
I think he was a good man with a kind, compassionate heart and only wanted the best for his community and especially his workers. I think he should have listened to his sons and rebuilt on a smaller scale and started out with used equipment until he found out for sure whether he could afford to buy all new equipment. He overextended himself and didn’t get the amount of money in the insurance settlement that he was expecting.
My recommendation would not differ if Malden Mills was a publicly traded company in which I owned stock ownership. I think I would feel even more so that he should have built on a smaller scale and not get overextended when the insurance company settled. Unfortunately, the insurance company usually will come out on top of a situation such as this.
Aaron Feuerstein felt like he was a failure after the mill went bankrupt. I don’t see him as a failure, only as a man that wanted to help a community that he cared for, and to help the workers of the mill that he cared so much for. It actually is refreshing to see someone who cares for mankind and is not greedy and only out for themselves. I think the employees that were there after the fire look up to and respect
Aaron Fuerstein decided …show more content…
Did he allow himself enough time to really think about what he was doing, or was he lead by his emotions? He felt an obligation to the community, and to all the workers he employed, but there were others involved with his decision, such as his family. Did he listen to his family’s suggestions or was he so driven to try to make everything as good as he could for everyone led by the type of person he was.
The second ethical issue after he decided he was going to rebuild the mill was the decision he made to buy everything new. Maybe he should have waited until the insurance company was ready to settle for him to make that decision, and if he had he could have looked into buying used equipment.
The key characters were Aaron Feuerstein, his board of directors, the community, and all the workers of the mill. Aaron Feuerstein’s sons were not immediately included in the story because they wanted their father to rebuild on a smaller scale, and perhaps purchase used equipment. He chose to ignore them and wanted everything bigger and better than before with all new …show more content…
I think he was a good man with a kind, compassionate heart and only wanted the best for his community and especially his workers. I think he should have listened to his sons and rebuilt on a smaller scale and started out with used equipment until he found out for sure whether he could afford to buy all new equipment. He overextended himself and didn’t get the amount of money in the insurance settlement that he was expecting.
My recommendation would not differ if Malden Mills was a publicly traded company in which I owned stock ownership. I think I would feel even more so that he should have built on a smaller scale and not get overextended when the insurance company settled. Unfortunately, the insurance company usually will come out on top of a situation such as this.
Aaron Feuerstein felt like he was a failure after the mill went bankrupt. I don’t see him as a failure, only as a man that wanted to help a community that he cared for, and to help the workers of the mill that he cared so much for. It actually is refreshing to see someone who cares for mankind and is not greedy and only out for themselves. I think the employees that were there after the fire look up to and respect