Polartec manufacturer Malden Mills Industries Inc on Monday announced it expects to file its plan to emerge from Chapter 11 bankruptcy protection later this month.
The Massachusetts-based company said in a statement it is on course to meet its 2002 business plan that will enable it to emerge from bankruptcy after 10 months.
It added that “significant improvements have resulted from the restructuring of the business including more efficient manufacturing, faster product commercialisation and a strengthening of the Polartec brand”.
EVP of sales and marketing, Cesar Aguilar said: “Malden Mills is emerging as a more efficient, highly focused organisation with one of the most valuable brands in our industry. 2003 is expected to be a strong year for Malden Mills with accelerating sales growth.”
He added: “As a team, we have worked extremely hard this past year to re-direct the company and are confident that the positive sales trend will continue for years to come.”
Malden Mills president and CEO Aaron Feuerstein hit the headlines in 1995 when he kept on paying workers while its main mill was rebuilt after being wrecked by a devastating blaze.