Aaron Feuerstein, chief executive of Malden Mills, makers of Polartec and other thermal fabrics for footwear and clothing, has been asked to step down as chief executive of the company by the creditors' group. The company is presently in Chapter XI bankruptcy and is working to emerge from its financial problems.

Feuerstein will be remembered for his generosity to employees when much of the company was destroyed by a fire some seven years ago. At that time he continued to pay wages and health insurance for his employees. He was honoured by a number of organisations and by President Clinton during a State of the Union address.

The lead council for the creditors' committee said during a court appearance that Feuerstein’s role as head of the day to day operations of the company "has been eclipsed" and that his main role should be in public and government relations.