Posted on 01/04/2013 9:38:33 AM PST by GlockThe Vote
Lincolnton Furniture Company closed abruptly Thursday just one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy.
Furniture-making operations stopped indefinitely and only a few people will remain employed moving forward, company financial officer Ben Causey said.
“I don’t know where it’s going to go exactly; we’re still evaluating our situation,” Causey said. “We just didn’t have any choice at this point.”
The company was not receiving the orders it needed to sustain its operations, Causey said.
(Excerpt) Read more at miamiherald.com ...
“It was a move that caught the attention of North Carolina officials and those in the White House. Last year, Cochrane sat with the first lady during Obama’s 2012 State of the Union Address. He also joined the president and other business leaders in a discussion about how to create more jobs at home.”
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LOL!!!!!!!
Company has been making furniture for years in China.
This was an obamaomau “stash stimulus” play for optics for NC obama campaign. A play for the “workers”.
Reality is this was just a play for cash, at the expense of the workers for a year and half. Would not be surprised if the money came from Bank of Amerobamaomau. Crony capitalism the same as solyndra— writ on the backs of probably skilled furniture makers once again screwed by China outsourcers.
Website has news flashes and obama visit to tout “IN-sourcing” (like ANY of his hedge fund buddies would care- if this is a stock held company they would short it knowing it would fail):http://www.lincolntonfurnitureco.com/newscontact-us.html
Designed to fail, to make money for hedgers who give it back in campaign donation. All illusion. All lies.
Bless the cabinet makers— they were fooled all along, and no doubt blaming the “banksters” — the same ones who are pals with obamaomau. Also— would be interesting to note if this company got a waiver on healthcare.
Yup - Obama Admn and everything along with it reminds me of the Sopranoes episode when they pumped and dumped the stock.
Or the extremely accurate episodes about “reviving” inner city housing with the NJ assemblyman crook, and the “down for the struggle” black “activist” youth counselor cutout (who needed money because his wife was after him for chasing skirt).
The slumlord ob-gyn is glad to be rid of a crackhouse, and sells for over appraised money to the black dude, getting a special payoff amount from the local bank along the way (federal funds support, CRA). The new “buyer” takes the under the table payoff in cash, then “fails” in the re-build, and the sopranos keep the property after stripping it. The assemblyman gets his cut too.
THIS IS the obamaomau administration, writ large in crony corporate crap like this. And, this CEO still is a “consultant to industry in China” LOL!!
I think the problem was they couldn’t accept EBT for payment. Otherwise business would be booming.
bump
Imagine that. People can’t afford to keep a roof over their heads much less buy new furniture.
Were they forced to unionize when they returned?
Another heartwarming economic recovery story.
Secure your assets and loved ones; this can’t go on forever without some type of unrest. We’ve always dealt with the raiding parties along our frontier with the Newark Food Desert here in NJ, but this misery is spreading far beyond that.
Anything obama goes near turns to s%$%^
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