Explain major economic blow to the region

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Reference no: EM13217883

When a fire destroyed the Malden Mills factory in Lawrence, Massachusetts, its 70-year-old owner, Aaron Feuerstein, could have shut down the business, collected the insurance money, and sailed off into retirement. But a layoff of the factory's 3,000 employees would have been a major economic blow to the region. So instead Feuerstein kept the workers on the payroll while he rebuilt the factory. These actions gained him a national reputation as a business hero. Many consumers promised to buy more of the company's patented Polartec fabric. In the end, however, the story did not have a fairy-tale ending: Five years after the fire, Malden Mills filed bankruptcy papers. The company was not able to pay off the loans it had incurred to keep the business going. Did Feuerstein do the right thing? Why?

Reference no: EM13217883

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