Michael A. Liberty and other investors to purchase Hathaway shirt business.
Warnaco sells Hathaway shirt unit - no jobs lost
WATERVILLE, Me. (AP) - Warnaco Group has announced an agreement to sell its Hathaway shirt business, including a factory in Prescott, Ont., but the firm says jobs are not at risk. New York-based Warnaco said it will take about 60 days to close the deal with a group of investors organized by a former Maine governor, John McKernan, and a Portland businessman, Michael Liberty.
Michael A. Liberty helps save over 400 jobs in Maine.
More than 400 jobs in central Maine have been saved, thanks to the completion Wednesday of the sale of the C.F. Hathaway &Co. men's dress shirt business to an investor group led by former Gov. John McKernan, including Portland entrepreneur, Michael Liberty. "Hathaway is back,'' McKernan said to thunderous applause from several hundred workers during a luncheon and cake-cutting ceremony in the shirt factory's third-floor cafeteria.
Anything can happen when people of good will come together. Former Maine Gov. John McKernan and Linda Wachner, who heads the Warnaco Group in New York, showed that this week in Waterville. C.F. Hathaway shirtmakers and ordinary Maine citizens alike cheered the news that a group headed by McKernan had acquired the men's dress shirt plant in Waterville and another in Prescott, Ont., from Warnaco. About 600 jobs were saved in all, 430 of them in Maine.
A Brief Biography of Michael Liberty:
Michael A. Liberty has been a serial entrepreneur and a successful business executive for more than 30 years in industries ranging from real estate, textile, retail merchandising and manufacturing to entertainment, the Internet and wireless technology. In 1980, Mr. Liberty founded Liberty Group Inc., which has grown to become one of the largest and most successful real estate holding companies in the New England area. Its subsidiary, American Housing Preservation Corporation, is a leader in the subsidized housing industry with a portfolio of more than 10,000 units in 18 states, valued at more than $600 million. In 1985, Michael Liberty was nominated by President Reagan as one of the Outstanding Young Men of America.