Aaron Feuerstein
Aaron Feuerstein (December 11, 1925 – November 4, 2021) was an American industrialist, philanthropist, and the third-generation owner and CEO of Malden Mills in Lawrence, Massachusetts. Early life and education. Feuerstein was born in Brookline, Massachusetts on December 11, 1925. He attended the Boston Latin School and graduated from Yeshiva University, majoring in English and philosophy, in 1947. Feuerstein was Jewish. Career. 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 now-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. Feuerstein said that he could not have taken another course of action due to his study of the Talmud and the lessons he learned there: This cost Feuerstein $25,000,000, his CEO position, and a November 2001 filing of chapter 11 bankruptcy. The company achieved solvency again with the help of creditor generosity and government subsidies. Malden Mills later garnered some lucrative  Department of Defense (DOD) contracts for "smart" products that interweave fiber optic cabling, electronic biosensors, and USB ports into polar fleece fabric. Malden Mills was awarded a $16 million DOD contract in 2006. In January 2007, however, Malden Mills filed for bankruptcy again and ended production in July. The company's underfunded (by 49%) pension was abandoned due to sale of corporate assets. Personal life. Feuerstein was an alumnus of Camp Modin in Belgrade, Maine, and the keynote speaker at the 75th annual reunion in 1997. Feuerstein was also a member of Young Israel of Brookline. Feuerstein died of  pneumonia on November 4, 2021, in a Boston hospital at the age of 95. Honors. An industrialist and philanthropist, for setting the standard for commitment to employees following a devastating fire at his Malden Mills manufacturing plant, he was awarded the Peace Abbey Courage of Conscience Award on March 13, 1998.