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The Mensch of Malden Mills

I’m sure you’ve seen or heard about this, but in case you haven’t – I thought I would share this story with you, from 60 Minutes:

(CBS) For years now, we’ve been hearing about corporate executives who made fortunes for themselves while driving their companies into bankruptcy, costing employees their jobs and sometimes their life savings.

Not so at Malden Mills, the textile company in Lawrence, Mass., that invented the fabric Polartec. Malden Mills also filed for bankruptcy protection, but that’s the only thing it has in common with companies like Enron. In fact, Malden Mills is known for going out of its way to help its employees, even when the company suffered a shattering setback….

The fire that broke out at Malden Mills in the winter of 1995 was the largest fire Massachusetts had seen for a century. No one was killed. But the town was devastated. Malden Mills was one of the few large employers in a town that was already in desperate straits.

“The only thing that went through my mind was, how can I possibly recreate it,” says owner Aaron Feuerstein, the third generation of his family to run the mill.

It’s an inspiring story, equal parts disaster recovery — Rocky Mountain High — and commitment to a community — It’s All About the Shoes (access code required). What ideas do you take away from the story?

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