“- Customer retention and employee retention – 95% - Based in Lawrence, Mass. - Founded in 1906, refused to move to cheaper manufacturing base in South - 1980 company is in Chapter 11 after move into fake fur - developed Polartec, lightweight fleece that was successful, with sales of $400M in 95 - In Dec. of 95 fire wrecked plant and hospitalized a dozen people, losing all production - Feurstein, 70, CEO and grandson of founder, immeadiately announced that company would continue paying 2,400 employees salaries and health benefits from his personal savings, at a cost of $10M, did this for 90 days, and healthcare for 180 days. - He could have just taken the insurance money and retired. - $15M was invested in rebuilding the factory, but quality improved, with “off” merchandise decreasing from 6-7% to 2%. ”
