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.