Posted on 02/23/2011 12:25:19 AM PST by Nickname
Within the next few months, Pisgah Yarn & Dyeing will effectively shut down its operations in Old Fort.
Jack Lonon Jr., president of the family-owned company, told The McDowell News on Thursday that the company’s assets will be sold to Spinrite Yarns of Canada. The sale will become final on Feb. 25. After that, the future of the business will be uncertain.
(Excerpt) Read more at 2.mcdowellnews.com ...
More people heading for the unemployment line, more commercial real estate probably hitting the market, more homes likely heading for foreclosure. America's "new normal."
So...I know this is a stupid question, but this is considered to be manufacuring...no? In the USA, we’ve lost manufacturing. That is a real shame, and a real threat.
No matter what it is, it’s sad for the employees...and for the Lonon family.
I don’t like the “new normal.”
Change it back...
I believe it would be. So the deck was really stacked against them being both manufacturing and textiles.
From what I can tell, the cotton in their yarns is still from the US. And at least the manufacturing is in Canada rather than China or elsewhere.
I don’t like the new normal, either....
I just came across a related article which I’ll post in a moment having to do with the “trickle up economics” of this business closing.
http://www2.mcdowellnews.com/news/2011/feb/22/old-fort-mayor-aldermen-giving-pay-ar-804497/
my brother moved to michigan, got a job with a local brewery, and the plant closed there so everyone is laid off. nice. back to more unemployment. I wonder why I cannot find a job.
A few years back, my Uncle Gordon owned a small chain of 4 furniture stores in Central New York. When he died, the government tax people showed up and wanted my aunt to pay the death tax. She had to close the 4 stores, layoff all of the employees, and sell the stores and merchandise in order to pay the taxes. She had enough to live on for the rest of her life, but there were close to 200 families that had to look for other employment.
What is wrong with this picture?
The government didn’t invest and build this business, they didn’t take talk to customers, orders or deliver merchandise. Why should they be entitled to a red cent?
People in North and South Carolina took the textile jobs away from the overpriced workers in Massachusetts. They are now uncompetitive in the same manner and the work is moving elsewhere.
To stay in business, you must be able to make a profit
Why should they be entitled to a red cent?
Because it is only by the beneficence of the Gov’t and your elected leaders that you had the priviledge to be able to build a business in the first place. /s
Old Fort...is that outside of Asheville?
That is one of the most sad articles I’ve read. It would be nice if those folks in WI, Ohio, and other states could read this article.
I hope you pinged me to the article you posted.
Is this the company that has ruined the Pisgah River? Good riddance.
How does this sort of thing happen in North Carolina. There is no union presence, wages are a fraction of what they are up north and in the midwest. Also, how can a Canadian firm, weighted down with the cost of a socialist health care system, be in a position to buy out this American company?
Something is screwy?
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