Clothing manufacturer Hickey Freeman is adding up to 80 new jobs as the company moves to add new products.
Speaking Wednesday, Hickey Freeman President Stephen Granovsky said the company is launching an $8 million recapitalization that will allow the company to expand, add the new jobs, a new brand line and secure the company’s future “for a very, very long time.”
Hickey Freeman will receive a $4 million loan from the state as part of the process.
The good news comes as Granovsky says the company was facing closing down as the federal government proposed making large cuts to the Wool Trust Fund. Granovsky credits Senator Chuck Schumer efforts to prevent the cuts to the fund.
“It took a great partnership of many people and many levels of government to make this happen,” said Granovsky.
Among the new additions to the company, Granovsky plans to start making dress shirts at Hickey Freeman starting this summer. Renovations at the factory are already underway and expected to be completed by the end of the year, the governor’s office says.
The announcement comes as Hickey Freeman celebrates its 120th anniversary.