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Gordon Group to buy assets of Malden Mills Industries

11 Jan '07
1 min read

Gordon Brothers Group will be purchasing assets of Lawrence based textile firm Malden Mills Industries Inc, which has once more filed for Chapter 11 reorganization. Malden faced bankruptcy earlier in 2003 due to a factory fire.

This sale to Gordon, which supports companies having financial problems, will be conducted only after bankruptcy court approval.

Speaking to the media, Malden CEO Michael Spillane informed that his company will become financially stable after the $44 million sale. Gordon Group will continue running the company which manufactures specialty fabrics and Polartec fleece.

Previous bankruptcy brought many financial problems for the company. It has been competing with overseas textile firms having lesser labour costs.

Sale is subject to approval of US Bankruptcy Court located at Delaware. It should be completed by end of February 2007.

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