Fibers occasionally ignited passing through this field, and despite automatic fire suppression methods, a previous explosion occurred in 1993 seriously burning several workers.
[3][5] Lawrence, Massachusetts was already experiencing a downward economy due to many other companies leaving to find cheaper labor elsewhere and many residents were worried about the loss of another factory.
[7][8] In November 2001, Malden Mills declared bankruptcy after the recession at the beginning of the new year left the company unable to pay creditors—related to its rebuilding and payroll commitments.
In January 2007, current CEO Michael Spillane announced that Malden Mills would file for bankruptcy again and would be sold to the Gordon Brothers Group of Boston.
[9][10] However, in February 2007, the assets of Malden Mills were purchased by a newly formed company called Polartec, LLC which is owned by Chrysalis Capital Partners of Philadelphia, Pennsylvania.
[15] Polartec offers over 400 different fabrics including: Polartec's customers include all branches of the United States Military, Patagonia, The North Face, Marmot, Mountain Equipment Co-op, Mountain Hardwear, Cabela's, Lands' End, L.L.Bean, Jack Wolfskin, Lafuma, Eider, Millet, Rab, Outdoor Research, Quiksilver, Melanzana, and many other technical apparel brands around the globe.