Aaron Mordechai Feuerstein (December 11, 1925 – November 4, 2021) was an American

industrialist A business magnate, also known as an industrialist or tycoon, is a person who is a powerful entrepreneur and investor who controls, through personal enterprise ownership or a dominant shareholding position, a firm or industry whose goods or ser ...

philanthropist Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...

, and the third-generation owner and

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Malden Mills Malden Mills Industries is the original developer and manufacturer of Polartec polar fleece and manufactures other modern textiles. The company is located in Andover, Massachusetts and has operations in Hudson, New Hampshire. History Malden Mi ...

Lawrence, Massachusetts Lawrence is a city located in Essex County, Massachusetts, United States, on the Merrimack River. At the 2020 United States census, 2020 census, the city had a population of 89,143. Surrounding communities include Methuen, Massachusetts, Methuen ...

. Some remember him as "the

mensch Mensch or mentsh () is a Yiddish word which literally translates to "person", and figuratively means "a person of integrity and honor".. Jewish American humorist Leo Rosten describes a as "someone to admire and emulate, someone of noble characte ...

who saved Christmas" when he publicly declared: "I am not throwing three thousand people out of work, two weeks before their holiday." After a major fire at Young Israel of Brookline, a

synagogue A synagogue, also called a shul or a temple, is a place of worship for Jews and Samaritans. It is a place for prayer (the main sanctuary and sometimes smaller chapels) where Jews attend religious services or special ceremonies such as wed ...

founded by his father, Feuerstein donated $1,000,000 to help rebuild it.

Early life and education

Feuerstein was born in

Brookline, Massachusetts Brookline () is an affluent town in Norfolk County, Massachusetts, United States, and part of the Greater Boston, Boston metropolitan area. An exclave of Norfolk County, Brookline borders six of Boston's neighborhoods: Brighton, Boston, Brighton ...

, on December 11, 1925. He attended

Boston Latin School The Boston Latin School is a Magnet school, magnet Latin schools, Latin Grammar schools, grammar State school, state school in Boston, Massachusetts. It has been in continuous operation since it was established on April 23, 1635. It is the old ...

and graduated from

Yeshiva University Yeshiva University is a Private university, private Modern Orthodox Judaism, Orthodox Jewish university with four campuses in New York City.

in 1947, majoring in English and

philosophy Philosophy ('love of wisdom' in Ancient Greek) is a systematic study of general and fundamental questions concerning topics like existence, reason, knowledge, Value (ethics and social sciences), value, mind, and language. It is a rational an ...

Career

Feuerstein began working for the family company, Malden Mills, after he graduated in 1947. By the 1970s, he began to take charge of the company, leading it during the disastrous fake fur market. On 9/11/1981, the company was filed for bankruptcy and had to lay off workers. On December 11, 1995, the Malden Mills factory, a facility that Feuerstein's grandfather built, burned down. 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 many companies were downsizing and moving overseas. "By the end of 1996 the plant was rebuilt." Feuerstein, a devout

Orthodox Jew Orthodox Judaism is a collective term for the traditionalist branches of contemporary Judaism. Theologically, it is chiefly defined by regarding the Torah, both Written and Oral, as literally revealed by God on Mount Sinai and faithfully tran ...

, said that he could not have taken another course of action due to his study of the

Talmud The Talmud (; ) is the central text of Rabbinic Judaism and the primary source of Jewish religious law (''halakha'') and Jewish theology. Until the advent of Haskalah#Effects, modernity, in nearly all Jewish communities, the Talmud was the cen ...

and the lessons he learned there: This cost Feuerstein $25,000,000 and his CEO position as his family lost control of the company. In November 2001, Malden Mills filed for

chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

. The company achieved

solvency Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity. Solvency can also be described as the ability of a corporation to meet its long- ...

again with the help of creditor generosity and government subsidies. Malden Mills later garnered some lucrative

Department of Defense The United States Department of Defense (DoD, USDOD, or DOD) is an executive department of the U.S. federal government charged with coordinating and supervising the six U.S. armed services: the Army, Navy, Marines, Air Force, Space Force, ...

(DoD) contracts for "smart" products that interweave fiber optic cabling, electronic biosensors, and USB ports into

polar fleece Polar fleece is a soft fabric made from polyester that is napped and insulating. PolarFleece is a trademark registered by Malden Mills (now Polartec, LLC) with the United States Patent and Trademark Office on October 6, 1981. Malden Mills dev ...

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 Belgrade is a town in Kennebec County, Maine, United States. Its population was 3,250 at the 2020 census. However, its population approximately doubles during the summer months as part-year residents return to seasonal camps on the shores of Gr ...

, 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.

Family

Feuerstein married twice; both wives predeceased him. His surviving descendants include 3 children and six grandchildren.

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. Two years prior, he was cited by then

President Bill Clinton William Jefferson Clinton (né Blythe III; born August 19, 1946) is an American politician and lawyer who was the 42nd president of the United States from 1993 to 2001. A member of the Democratic Party, he previously served as the attor ...

during his 1996 State of the Union Address, lauding him for his handling of the Malden Mills disaster.

References

External links

''The Mensch Of Malden Mills'' (CBS 60 Minutes)

Malden Mills Bankruptcy Filing Information and Documents
{{DEFAULTSORT:Feuerstein, Aaron 1925 births 2021 deaths 20th-century American Jews 21st-century American Jews American chief executives of materials companies American industrialists Boston Latin School alumni American philanthropists Businesspeople from Brookline, Massachusetts Yeshiva University alumni