Word: wachner
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Dates: during 1990-1999
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...industry embroiled in global competition, Wachner could not foresee a reasonable return on investment soon. Despite the improvements, Hathaway last year lost $5 million on revenues of $43 million. Many apparel makers have closed U.S. factories and/or shifted manufacturing to low-cost offshore havens. Hathaway, in fact, has a plant in Honduras where workers earn a fraction of the average wage of $7.50 an hour at Waterville...
Perhaps she does, but Miss Linda also cares deeply about the stockholders, among whom she, individually, is the largest. On May 6, Wachner stunned the Hathaway workers by announcing that she plans to get Warnaco out of the men's shirt business and close or sell Hathaway...
Late last week Wachner jetted to Maine again. Following a series of protest rallies by employees and a pledge of support for the work force from Hillary Clinton, she completed a plan to keep the plant open while a group of local investors led by two-time Republican Governor John McKernan Jr. scrambles for financing to buy the place. Given the state of the shirt industry, however, Hathaway may be doomed...
...Waterville (pop. 17,000), where Hathaway was founded 159 years ago--shirts for Union soldiers were made there--many of the 515 employees are bitter. They delivered on their promise to double productivity and now feel that Wachner is throwing them into the sea. Says Neena Querion, shop steward for the local union: "There are no other jobs here for our workers if Hathaway closes. It will devastate our whole community...
...announcement came scarcely a week before President Clinton convened a conference of business leaders at the White House to ask for better treatment for workers. Wachner insists that she's done everything possible to keep the jobs viable. "Had we wanted to leave this business and the workers flat, we could have done that," says the CEO. "But we never had it in our hearts or minds to do anything but the right thing...