Malden Mills files for Chapter 11, agrees to sale
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Malden Mills Industries Inc., a textile maker that emerged from bankruptcy in 2003 after a disastrous factory fire, said it had filed for Chapter 11 reorganization again and had agreed to sell its assets to a firm that helps troubled companies.
The $44-million sale to Gordon Bros. Group is subject to Bankruptcy Court approval.
The prospective buyer said it intended to continue operating Lawrence, Mass.-based Malden Mills, which makes Polartec fleece and specialty fabrics for customers including Lands’ End Inc., North Face Inc., Patagonia and the Pentagon.
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