. I . L .). ▁Rich el ieu ▁grew ▁to ▁eventually ▁employee ▁over ▁ 6 0 0 ▁people ▁in ▁Quebec ▁at ▁its ▁peak ▁in ▁ 2 0 0 2 . ▁The ▁Sim ards ▁maintained ▁ownership ▁of ▁Rich el ieu ▁until ▁ 1 9 9 7 , ▁when ▁Har vey ▁Pen ner ▁a ▁Montreal ▁business man ▁who ▁joined ▁Rich el ieu ▁in ▁the ▁ 1 9 6 0 s ▁as ▁a ▁sales ▁manager ▁bought ▁out ▁the ▁Sim ards ▁and ▁became ▁president ▁of ▁Rich el ieu ▁Kn itting . ▁He ▁remained ▁with ▁the ▁company ▁until ▁ 2 0 0 6 ▁when ▁he ▁sold ▁the ▁Rich el ieu ▁H os ier y ▁division ▁to ▁his ▁son , ▁Michael ▁D . ▁Pen ner , ▁who ▁is ▁currently ▁president ▁and ▁CE O . ▁ ▁The ▁company ▁suffered ▁in ▁the ▁late ▁ 1 9 9 0 s ▁and ▁early ▁ 2 0 0 0 s , ▁when ▁unf avor able ▁exchange ▁rates , ▁competition ▁from ▁China ▁and ▁other ▁lower ▁costs ▁countries ▁impact ed ▁the ▁Canadian ▁manufact uring ▁industry . ▁Like ▁many ▁other ▁Canadian ▁text ile ▁companies , ▁Rich el ieu ▁moved ▁production ▁off - sh ore ▁or ▁risk ▁going ▁bank rupt . ▁ ▁In ▁ 2 0 1 1 , ▁P ED S ▁Leg we ar ▁inv ested ▁$ 7 ▁million ▁to ▁buy ▁the ▁assets ▁of ▁International ▁Leg we ar ▁Group ▁( IL G ), ▁a ▁failing ▁so ck ▁company ▁based ▁in ▁Bur ke ▁County ▁( H ilde b ran ), ▁North ▁Carolina . ▁The ▁assets ▁included ▁the ▁P